Drug firm Torrent Pharmaceuticals has inked an agreement to fully acquire Zyg Pharma, part of Encore Group, for an undisclosed amount.
“The company has signed a share purchase agreement to acquire 100 per cent stake in Zyg Pharma Pvt Ltd, a company engaged in manufacturing various dermatological formulations like creams, ointments, gels, lotions and solutions,” Torrent Pharmaceuticals said in a filing to the BSE.
Zyg Pharma, part of Encore Group, is promoted by the Merchant family.
“Torrent will fund acquisition through internal accruals,” the company said.
The acquisition will help the company strengthen its position in niche dermatological segment, especially in developed markets like the U.S. and Europe, Torrent Pharmaceuticals said.
“The transaction has been approved by the Board of Directors of both the companies,” it added. PTI