Raichur based Shilpa Medicare has informed that it will acquire Austria-based pharmaceutical company LOBA Finchemie for an undisclosed amount. Shilpa Medicare’s MD Vishnukanth Bhutada has said that LOBA is a perfect strategic fit for Shilpa Medicare.

Given his company’s highly skilled talent pool and low operational costs, the Shilpa-LOBA combination would be a formidable entity in the global oncology.

LOBA with an annual revenue of Rs 58.98 crore, has a product range covering 500 organic compounds. Its facilities also conform to USFDA specifications.

The formal terms of the all cash deal would be announced on completion of formalities of acquisition, said a statement listed to Bombay Stock Exchange.