Glaxo Wellcome Buys Stake In Biddle Sawyer Of India
Glaxo Laboratories (India), a unit of UK-based Glaxo Wellcome, hasfinalized plans to fully acquire 400 million rupees ($11.1 million) worth of Indian pharmaceutical company Biddle Sawyer stock, for an unspecified amount.
Biddle Sawyer, which currently operates three factories in and around Bombay, mainly produces serratiopeptidase (brand name Bidansen) and Alpha D3, a high-strength calcium product for the treatment of osteoporosis.
Although Glaxo has declined to disclose the amount it plans to pay the current owners (the Shah family) to take over the Biddle Sawyer group, the company's board of directors has already received approval from its shareholders to invest up to a maximum of 3 billion rupees in the equity of other firms.
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