India's Dishman to buy Solutia

Ahmedabad, India-based Dishman Pharmaceuticals & Chemicals has reached an agreement to acquire the pharmaceutical services business of Solutia Inc for a consideration of $74.5 million.

The purchase is Dishman's second in Switzerland this year and comes weeks after the industry was rife with information on the company being poised for an acquisition in that country, reports Medindia.net.

Dishman has inked a definitive agreement to purchase Solutia's drug services business, comprising Carbogen AG and Amcis AG units in Switzerland. Dishman Pharma will buy 100% equity in Carbogen and Amcis from Solutia Europe SA, as well as certain other assets used in the pharmaceutical services business, which includes working capital of $8.0 million. The transaction is subject to regulatory approvals and authorization by the bankruptcy court overseeing Solutia's reorganization.