Ahmedabad-based drug firm Torrent Pharmaceuticals has announced to acquire dermalogical products manufacturing company Zyg Pharma, part of Encore group, for an undisclosed amount.
Ahmedabad-based Drug firm Torrent Pharmaceuticals, which is the flagship company of Torrent Group, has inked pact to fully acquire Zyg Pharma, a dermalogical products manufacturing company and part of Encore Group.
The deal is closed between the two for an undisclosed amount.
In a filing to the Bombay Stock Exchange (BSE), Torrent Pharmaceuticals stated, "The company has signed a share purchase agreement to acquire 100 per cent stake in Zyg Pharma Pvt Ltd, a company engaged in manufacturing various dermatological formulations like creams, ointments, gels, lotions and solutions.”
Significantly, Encore Group’s part, Zyg Pharma is being promoted by the Merchant family.
"Torrent will fund acquisition through internal accruals," said the company.
The acquisition will help the company to strengthen its position in niche dermatological segment, especially in developed markets like the USA and Europe, noted Torrent Pharmaceuticals.
Image curtesy: Torrent Pharmaceuticals Facebook page
"The transaction has been approved by the Board of Directors of both the companies," concluded the statement by Torrent.