Nicholas Piramal India has acquired UK-based Avecia Pharmaceuticals for £9.5 million.
According to a release issued by Nicholas to the BSE on Thursday, the consideration is inclusive of funding the business' UK pension fund deficit of between £8 to 9 million.
"Avecia Pharmaceuticals is a global custom manufacturing player focused on providing custom chemical synthesis and manufacturing services for the innovator pharmaceutical and biotechnology companies," the release said.
"It had consolidated sales of £36.1 million (Rs 290 crore) in 2004. The business includes early/late-stage and launched manufacturing assets in UK and North America, a deep pipeline of products backed by strong customer relationships and a mix of unique technologies," the release added.