Pharma Company Piramal Healthcare Ltd has signed a deal to buy US based inhalation anaesthetics maker Minrad International Inc for about US $40 million in cash and debt. Under the terms, Minrad shareholders will get 12 cents a share in cash, a 100% premium to the stock’s on Monday closing price on the American Stock Exchange (Amex). Piramal will also buy Minrad’s senior secured convertible notes.
The offer to Minrad is consistent with its commitment to build a serious global presence in critical care. With this acquisition, Piramal will gain access to the intellectual property for making inhalation anaesthetics and will be able to immediately break into the US pharmaceutical market for the country’s top-selling inhalation anaesthetic, sevoflurane. The deal is expected to close in the first quarter of 2009 subject to Minrad shareholders approval and will add to Piramal’s earnings for the year to March 2010.