Business | General
Julphar acquires 12.2% of SMS Pharmaceuticals
Gulf Pharmaceutical Industries (Julphar), the leading pharmaceutical manufacturer in the region, acquired 12.2 per cent of SMS Pharmaceutical for Rs300 million.
- By Nasouh Nazzal, Staff Reporter
- Published: 00:00 February 8, 2007
Ras Al Khaimah: 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.
Al Yousef added that by virtue of this investment, a reliable, qualitative and competitive API supplier has been made available to Julphar.
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