Julphar acquires 12.2% of SMS Pharmaceuticals
2007-02-08, Source: Julphar
Gulf Pharmaceutical Industries (Julphar), the leading pharmaceutical manufacturer in the region, acquired 12.2 per cent of SMS Pharmaceutical for Rs300 million.
SMS Pharmaceuticals is a specialist company in the synthesis of active pharmaceutical ingredients (API) in India and one of the leading producers of Ranitidine HCL in the world. SMS Pharmaceutical is an FDA approved API manufacturer and has a considerable portfolio of API.
Abdul Razzaq Al Yousef, Julphar's managing director said the company itself was planning to own facilities for synthesis of APIs.
Taking into consideration the strategic advantages of joining hands with a compatible partner instead of erecting its own facilities, and given the fact that SMS Pharmaceuticals already had FDA's approval, Julphar has invested Rs300 millions wile acquiring shares in SMS Pharmaceuticals.