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India | Wed Apr 1, 2015 6:23pm ISTIndia's Indoco Remedies to buy Piramal's clinical research businessMUMBAI, APRIL 1(Reuters) - Indian drugmaker Indoco Remedies Ltd said on Wednesday it would buy Piramal Enterprises Ltd's clinical research business for an undisclosed amount to reduce its research costs. Piramal Clinical Research, the Hyderabad-based contract research organisation (CRO), conducts clinical trials for generic drugs, and is approved by the U.S. and UK health regulators, Indoco said. The business is being acquired on a going-concern basis, said Indoco, a mid-sized firm that makes both finished drugs and drug ingredients for export across 35 countries. Piramal, a conglomerate with businesses in healthcare and financial services, said the CRO was not a strategic fit for the company and formed a "relatively small" portion of its entire business. Piramal does not expect any financial impact from the sale, which is expected to be completed by April 6, the company said in a separate statement. (Reporting by Zeba Siddiqui in Mumbai; Editing by Gopakumar Warrier) |