CCI approves acquisition of certain business undertakings of Ind Swift Labs, Essix Biosciences by Synthimed Labs
New Delhi: The Competition Commission of India (CCI) has approved the proposed acquisition of certain business undertakings of Ind Swift Laboratories Limited and Essix Biosciences Limited by Synthimed Labs Private Limited.
The Proposed Combination involves slump sale of certain business undertakings (on a going concern basis) of Ind Swift Laboratories Limited (ISLL) and Essix Biosciences Limited (Essix) (collectively, “Target Business”) to Synthimed Labs Private Limited (Synthimed). Subsequently, ISLL will acquire a minority shareholding in the Acquirer.
Synthimed is a recently incorporated company set-up to facilitate the Proposed Combination. Synthimed is not engaged in any business activities as on date. Synthimed forms part of the Bain Capital Group and Piramal Group.
The Target Business is engaged in the business of manufacturing and selling APIs and intermediates; providing contract research and manufacturing services; and supporting research & development.
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