Indian Pharmaceutical major Zydus Lifesciences, on 31 October, announced that its board had approved the acquisition of LiqMeds for Rs 689 crore.

The company is set to acquire a 100% stake in the company and is set to complete within 10 working days from the date of execution.

LiqMeds is an oral liquid product company, and its subsidiary LM Manufacturing Ltd has an oral liquids manufacturing site at Weedon, Northampton, UK, that supplies products in the US and UK markets.

The pharma company will pay an upfront amount of GBP 68 million and yearly earn-outs until 2026 that depend on the achievement of certain agreed milestones towards the acquisition of the LiqMeds Group of companies.

Sharvil Patel, Managing Director of Zydus Lifesciences Limited, said, “In line with our patient-centric approach, we believe that oral liquid formulations would help geriatric and paediatric patients, bringing in greater ease of convenience and therapy compliance.”

In its regulatory filing, the company said that liquid orals is a very large and growing market that serves unmet needs with significant new market expansion opportunities for the company.

At 3:30 pm, the shares of Zydus Lifesciences closed 0.75% below at Rs 575.90 on NSE.