India's Piramal Life Sciences Eyes $1.5 Billion Overseas Deals, Wants to Buy Ailing Biotechs

Piramal, the Indian conglomerate that recently invested $650m in Vodafone, plans to invest at least $1.5bn to expand aggressively its overseas pharmaceuticals business as it seeks to become the country’s first global drug developer. Ajay Piramal, chairman of the family-owned company, said that it planned to acquire several ailing midsized biotech companies and patents as well as enter joint ventures with big pharmaceutical groups that are struggling to develop new drugs in western markets because of rising costs.

Back to news