Piramal looking to buy Ind-Swift businesses; both stocks up

Shares of Ind-Swift Laboratories and Priamal Healthcare rose after a news report that Piramal Health may be eyeing contract research and manufacturing (CRAMS) business of Ind-Swift Labs.

Piramal Health was up 1.5 percent at Rs 464 and Ind-Swift Labs up 12.6 percent at Rs 57.70.

[caption id=“attachment_442802” align=“alignleft” width=“380”] Ajay Piramal[/caption]

A Business Standard report said the deal is likely to be valued at Rs 1,000-1,200 crore and would include, apart from CRAMS, many of the facilities approved by the US Food and Drug Administration.

However, the report said both the companies refused to comment on the report.

The deal, if it materialises, is likely to lift Piramal’s CRAMS and active pharmaceutical ingredient manufacturing businesses, the report said.

Pirmal Health had in 2010 sold its domestic formulations business to Abbott Laboratories for about Rs 17,000 crore.