Aurobindo Pharma to acquire Trident Life Sciences

Drug manufacturer Aurobindo Pharma (AUROPHARM.NS : 859.5 +17.95) said it will acquire Trident Life Sciences (TLSL) for an undisclosed amount.

The board has approved the acquisition of 100 per cent stake of TLSL subject to suitable agreements between the parties for the same and conditions customary to the closing of the transaction, Aurobindo Pharma said in a filing to the Bombay Stock Exchange (^BSESN : 16632.01 -222.92) (BSE).

The acquisition would provide Aurobindo Pharma an opportunity to enter the high growth injectables space and further enhance its capabilities in providing pharma manufacturing, distribution, services and solutions to its clients, it added.

TLSL specialises in the manufacture of general injectable range of formulation products.

The company is currently setting up a facility near Hyderabad and the operations are scheduled to commence from April 2011.

"The facility shall be acquired at its book value on 30th June, 2009, which is being the least of the valuations arrived at by the financial advisors," the company said.

Earlier in 2004, TLSL was incorporated as a clinical Research Organisation (CRO). However, the management of TLSL later demerged the CRO business into a separate company.

Following the demerger, TLSL currently has injectables business.