Manufacturer of biotechnology products, Biocon Ltd, said it has entered into a definitive agreement to acquire the bulk pharmaceutical business undertaking of IDL Specialty Chemicals Ltd, the company said in a BSE filing on Wednesday.
The acquisition is subject to closing conditions detailed in the said agreement, it said.
Last year, Biocon acquired 71 per cent equity interest in AxiCorp GmbH of Germany through its wholly owned subsidiary company Biocon SA, Switzerland.
Shares of the company closed at Rs 258.85, up 1.43 per cent from previous close on the BSE.
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