Aurobindo Pharma Ltd said on Friday that it has entered into a share purchase agreement with Whyte Group Ltd and Iracot Ltd through its wholly owned subsidiary, UK-based Aurex Generics Ltd, to acquire UK based Milpharm Ltd, the generic formulation pharmaceutical company engaged in selling generic formulations, mainly in the UK market.
Under the terms of the share purchase agreement, the company has acquired 100 per cent shares of Milpharm Ltd from Whyte Group Ltd and Iracot Ltd, the company informed the Bombay Stock Exchange.
Milpharm, a profit making company owns over hundred approved Marketing Authorisations (MAs) by Medicines and Healthcare Products Regulatory Agency, UK (UK MHRA).
Milpharm already has an established market in generic pharmaceuticals and Aurobindo expects to build on these relationships to participate in the generic pharmaceuticals value chain.
Aurobindo has concluded the 0 per cent Foreign Currency Convertible Bonds (FCCB) issue of 60 million dollars in August 2005 and some of the proceeds are to be used for overseas acquisitions, it added.
This is the company's first acquisition in Europe.