Piramal Healthcare to buy BioSyntech's assets for $3.82 billion
22 June 2010
Piramal Healthcare Limited has agreed to acquire the assets of Canadian biotechnology company BioSyntech, a company developing novel products in regenerative medicine, for C$ 3.9 million (US $3.82 billion).
Piramal Healthcare Limited, one of India's largest pharmaceutical and healthcare companies today announced
the signing of a definitive agreement to acquire BioSyntech's assets.
BioSyntech is a medical device company specialising in the development, manufacture and commercialisation of advanced biotherapeutic thermogels for regenerative medicine (tissue repair) and therapeutic delivery.
BioSyntech's platform technology is a family of hydrogels called BST-Gel, some of which are liquid at low temperature and solid at human body temperature.
These gels can be injected or applied to a specific local sites and offer beneficial properties for the local repair of damaged tissue such as cartilage, bone and chronic wounds and provide the benefit of avoiding invasive surgery. The company's lead, late-stage product, BST-CarGel is
currently undergoing an international pivotal trial.
Piramal had subscribed to common shares of BioSyntech in FY2006, which then constituted 17 per cent of equity of BioSyntech. By virtue of this investment, Piramal had
exclusive marketing rights for the marketing, sales and distribution of current and future products of BioSyntech, for India and some neighboring Asian markets.