One More Gem in Piramal's Crown

"The Piramal Group has always been respected and admired for its organizational strength in collaborations; be it M&As, partnerships or alliances. In a journey spanning 20 years, Piramal Healthcare has embraced various entities in its fold, which has propelled our business to newer heights, while building mutually beneficial partnerships along the way.

It’s with immense pleasure that I announce a merger agreement between Piramal Healthcare LTD. and Minrad International Inc. expected to formalize in the first quarter of 2009" said Mr. Ajay G. Piramal, Chairman, Piramal Group.

This deal valued at approximately $40 million, this strategic partnership will give Piramal Healthcare an access to key intellectual property for the manufacture of inhalation anesthetics together with manufacturing facilities and will provide an immediate entry into the vast inhalation anesthetic market in the US.

The combined company,Upon completion of the merger, will have a marketing and sales network across 108 countries with 178 distributors, capable of supplying anesthetic products to supply chain vendors and end users, including hospitals, pain management clinics, veterinary hospitals, university research centers and medical industrial users. With this deal Piramal Healthcare becomes the third largest company in the world in the space of Inhalation Anesthetics.

The partnership with Minrad is consistent with Piramal Healthcare commitment to building a serious global presence in Critical Care, a reflection of knowledge coupled with innovation, dynamic action and care that empowers – a manifestation of Piramal's core values.

The amalgamation of Minrad, a leading provider of inhalation anesthetics with Piramal Heatlhcare, one of India’s largest pharmaceutical companies, will prove to be yet another milestone in the journey towards building an integrated global healthcare company.