Mumbai: Piramal Healthcare today said it will acquire US-based firm Decision Resources Group for a consideration of nearly $635 million (Rs 3,400 crore) to boost research and development.
The transaction is expected to be closed by 30 June, 2012 subject to customary regulatory approvals and closing conditions, Piramal Healthcare said in a filing to BSE.
Decision Resources Group (DRG) provides web enabled research and consulting services to the global healthcare industry.
Commenting on the development, Piramal Healthcare Chairman Ajay Piramal said: "The need for specialist information is critical and the demand is growing. DRG's portfolio of products is widely regarded as the gold standard of information."
He further said nearly three hundred analysts with a strong track record in their field would also be a part of the acquisition. "DRG projects a revenue of $ 160 million for 2012," Piramal Healthcare said.
Shares of Piramal Healthcare were quoting at Rs 428.95 on BSE in mid-day trade, down 0.64 per cent from its previous close.