Dishman Pharmaceuticals and Chemicals Ltd said on Thursday said it has increased its stake in a local joint venture with a German partner to 72.33 per cent from 22.33 per cent for €300,000 (about $341,506, or about Rs 2.25 crore).
The drugmaker acquired the additional stake in Schutz Dishman Biotech Ltd from Schutz & Co Beteiligungsgesellschaft mbH, it said in a statement. Schutz Dishman has now become the company’s subsidiary, Dishman Pharmaceuticals said.
Schutz Dishman’s plant, which is approved by the US Food and Drug Administration, is located in the Indian company’s campus at Bavla, Ahmedabad. The stake increase will help Dishman Pharmaceuticals in backward integration for some existing products and bulk drugs, it said.
Dishman Pharmaceuticals and its units provide contract research and manufacturing services to the pharmaceutical industry in India, China and Europe.
The company also makes antiseptics and disinfectants, surgical scrubs and antimicrobial washes for healthcare and related industries.
The company reported a consolidated net profit of Rs 121.19 crore for the nine months through December 2015 from Rs 81.20 crore a year earlier. Consolidated net sales rose to Rs 1,156.17 crore from Rs 1,139.72.
