Shilpa Medicare Ltd signs a memorandum of understanding (MoU) to buy LOBA Feinchemie AG
Shilpa Medicare Ltd has signed a memorandum of understanding to buy Austria-based LOBA Feinchemie AG in an all-cash deal. No financial details were provided and the formal terms will be announced after due diligence is completed. According to the managing director Vishnukant Bhutada the deal is expected to close in about 15 days. Privately owned LOBA, which provides specialty active pharmaceuticals ingredients, organic intermediates and biochemical diagnostics, is a profit-making company with current annual revenue of nearly 15 mln USD.