PIRAMAL HEALTHCARE COMPLETES ACQUISITION OF US-BASED MINRAD INTERNATIONAL

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Pharma firm Piramal Healthcare has said that it has completed the acquisition of US-based Minrad International. In a filing to BSE, Piramal Healthcare said shareholders of Minrad would receive $0.12 for every share held. As a result of acquisition, Minrad would be operated as a wholly-owned subsidiary of Piramal Healthcare. Further, Minrad's share would no longer be traded on the New York Stock Exchange Alternext Exchange. The company said it has also completed the purchase of Minrad's 8% senior secured convertible notes.

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