Nicholas Piramal of India says it has become the second biggestpharmaceutical company in India, after GlaxoSmithKline, through the acquisition of a 40% stake in Rhone-Poulenc India. NP recently purchased some 1.8 million shares from R-PI's majority shareholder, Aventis Pharma, at 875 rupees ($18.72) each (Marketletter January 1 & 8).
NP to take further 20% stake in R-PI
The deal gives NP over a 5% share of the Indian pharmaceutical market, and this latest acquisition is the company's 12th since it announced its strategy to expand through mergers and alliances. NP will make an open offer to acquire an additional 20% stake in RP-I, also at 875 rupees per share. Currently, the public holds a 33% stake in R-PI, and financial institutions own the rest.
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