NICHOLAS PIRAMAL ACQUIRES AVECIA PHARMACEUTICALS IN UK

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Nicholas Piramal India (NPIL) announced the acquisition of Avecia Pharmaceuticals, UK for a consideration of £9.5 million. The consideration is inclusive of funding the business' UK pension fund deficit of between £8-9 million. The transaction completion is subject to required regulatory and other approvals. This acquisition is NPIL's second M&A transaction in the UK after its acquisition of Rhodia's Inhalation Anaesthetics business in December 2004. The transaction is in the nature of a share purchase on liabilities and cash-free basis. It includes working capital of £8.8 million.

Express Pharma Pulse (http://www.expresspharmapulse.com/20051130/market04.shtml)