Zydus Lifesciences is one of the biggest names in the pharma business of the country. In a recent development, the company has announced of a crucial acquisition deal. The company announced the 50 per cent acquisition of Mumbai-based Sterling Biotech Ltd.

Zydus Lifesciences Ltd on Tuesday said it will acquire the 'Target Business' of Sterling Biotech primarily engaged in manufacturing of fermentation-based active pharmaceutical ingredients products and a production facility at Masa in Gujarat for a pre-agreed sum of Rs 84 crore.

Sterling Biotech is one of the large manufacturers of pharmaceutical gelatin, di-calcium phosphate and APIs including lovastatin, doxorubicin, epirubicin, and daunorubicin

In August this year when Zydus acquired a 50% stake in Sterling Biotech Ltd (SBL), the company negotiated for the right to acquire the 'Target Business' of SBL at a pre-defined value.

Zydus Lifesciences shares faced selling pressure during the September 17 trading session following the board’s approval to acquire the API business of Sterling Biotech for ₹84 crore. The acquisition announcement follows the company’s earlier decision to buy a 50% stake in Sterling Biotech.

In August this year when Zydus acquired a 50% stake in Sterling Biotech Ltd., the company negotiated for the right to acquire the 'Target Business' of SBL at a pre-defined value.

Zydus Lifesciences shares closed in red on Tuesday, September 16. This came to pass after the company announced the acquisition of Sterling Biotech Ltd's API or Active Pharmaceutical Ingredients Business.