On December 7, 2005, Nicholas Piramal India Limited in its second overseas acquisition acquired Avecia Pharmaceuticals for a consideration of approximately £10 million. Avecia Pharmaceuticals, which was part of the UK-based Avecia Group, provides custom chemical synthesis and manufacturing services for innovator pharmaceutical and biotechnology companies. The consideration was inclusive of funding the business' UK pension fund deficit of between £8-9 million.
Norman Ziman and Michael Kashis (corporate securities) and Paul Ranson and Roger Loosley (commercial IP) of Fasken Martineau Stringer Saul advised Nicholas Piramal India on this matter.