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 Corporate - Mergers & Acquisitions
Biocon to buy Gulf Oil's bulk drugs unit

Bangalore, Oct. 1

Biocon Ltd said it has entered into a definitive agreement to buy the bulk pharmaceutical business of the Hindujas-owned IDL Specialty Chemicals Ltd, Hyderabad, for an unspecified sum. It said it could not give details as it was in the silent period. IDL Specialty Chemicals is a fully-owned subsidiary of Gulf Oil Corporation Ltd, an explosives and lubricants major. The deal is subject to the closing conditions detailed in the agreement, the two companies said in their notes to the bourses. Gulf Oil was formed from the merger of IDL Industries Ltd and Gulf Oil India in 2002. Its specialty pharmaceuticals division makes active pharma ingredients that go into cardiac drugs, anti-depressants, anti-histamines, analgesics and anti-amoebic products at its Hyderabad facility. - Our Bureau

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