Mumbai, May 24: Ahmedabad-based Dishman Pharmaceuticals and Chemicals Ltd today said it would acquire the pharmaceutical services business of US-based Solutia Inc for $74.5 million.

The company has signed a definitive agreement to purchase a 100 per cent stake in Carbogen- Amcis, the pharmaceutical services division. Rabo India Securities is the sole financial and strategic advisor to Dishman on the transaction.

The acquisition includes other assets used in the pharmaceutical services business for a consideration of $74.5 million, including a working capital of $8 million, said a release issued by Dishman.

Carbogen-Amcis offer a broad portfolio of drug development and commercialisation services to the pharmaceutical and bio-pharmaceutical industry at all stages of drug development since 1982, it added.

To enhance the business prospects of the newly acquired entity, Dishman said it would expand the product suite and renew focus on key accounts to increase the scale of operations jointly by the Indian and Swiss businesses, which can serve the entire drug life cycle of 15-20 years.

This acquisition will boost the company’s contract manufacturing business from Carbogen customers, it added.

The pharmaceutical services business has research and development facilities at three sites in Switzerland with integrated platform, which provides seamless solutions to the world’s leading pharmaceutical and biotechnology companies, it said.

Last financial year, the business had a turnover of approximately 80 million Swiss franc.

This transaction, however, is subject to regulatory approvals, including the bankruptcy court overseeing Solutia’s re-organisation, it added.