New Delhi, Feb. 1: Alembic Limited has acquired the entire domestic non-cancer formulation business of Delhi-based Dabur Pharma for a consideration of Rs 159 crore plus the actual working capital on the closing date.

While the acquisition is subject to statutory and regulatory approvals, the transaction is likely to be completed over the next two months.

The deal will be funded through internal accruals and debt. The company also did not rule out the option of equity dilution.

The non-cancer or non-oncology formulation business of Dabur Pharma comprises high growth segments like cardiovascular, diabetic, gastrointestinal and gynaecology.

“Alembic is increasing its presence in international as well as domestic pharma space. This strategic acquisition will enhance our domestic market share by including prospective therapy segments. The company will aggressively pursue its strategic goals through organic and inorganic initiatives in the near future,” said Chirayu Amin, chairman and managing director, Alembic.

Alembic plans to ramp up this business significantly by launching new products and raising the growth rate of its existing products over the next one to two years.

“With this acquisition, Alembic will now have a marketing play in the lifestyle segments as well as in gynaecology, to strategically consolidate its in-market position,” said Pradeep Rane, president-formulation business, Alembic.

The sale will also enable Dabur Pharma to focus on cancer treatments.