Mumbai, Oct. 27: Nicholas Piramal India has acquired Avecia Pharmaceuticals, a UK firm offering chemical synthesis and manufacturing services to pharmaceutical and biotechnology companies, for ?9.5 million.

This is the company’s second deal in the UK, after its December 2004 buyout of Rhodia’s anaesthetics business. The transaction is in the nature of a share-purchase arrangement.

Avecia, part of UK’s Avecia Group, had consolidated sales of ?36.1 million (Rs 290 crore) in 2004.

Equity funds under Cinven and Investcorp International acquired Avecia from AstraZeneca in 1999.

Nicholas Piramal said the acquisition marks the start of a new wave of restructuring in custom manufacturing of drugs.