BUSINESS

Nicholas to buy stake in Canadian firm

Special Correspondent.

BANGALORE: Nicholas Piramal India Limited (NPIL) will buy a 17 per cent stake in biotech research firm BioSyntech Inc by subcribing to 75 lakh common shares of the Canadian company at a consideration of CAN$ 0.8 per share.

The two firms have signed a letter of intent in this regard, a company statement said here.

As part of the agreement, NPIL will acquire exclusive rights for marketing, sales and distribution of current and future products of BioSyntech for India and neighbouring Asian markets.

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