Company Watch

Zydus Cadila acquires Simayla Pharmaceuticals

Our News Bureau - Mumbai

India's fourth largest drug manufacturer Zydus Cadila has acquired 70 per cent stake in Simayla Pharmaceuticals of South Africa through its wholly owned subsidiary Zydus Healthcare SA PTY for an undisclosed amount.

The remaining stake will be held by the promoter of the company, Ben Classen, who will continue to head the company's operations. Simayla recorded revenues of Zar 18.6 million (Rs 10.1 crore) in 2007 and is expected to touch Zar 40.5 million (Rs 22 crore) in 2008.

Over the next three years the group plans to launch a total of 50 products in the market.

The products will be manufactured at Ahmedabad. Besides South Africa, Simayla would also market the groups products in Nambia, Angola, Botswana, Swaziland and Mozambique, a company official said.

This is the second acquisition for Cadila during the current year. The company had announced the acquisition of 100 per cent stake in Laboratorios Combix of Spain on May 30 2008.