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PI industries terminates agreement to acquire Indswift Laboratories

News: The agreement related to acquisition on slump sale of Indswift Laboratories had been terminated by PI Industries. This is due to ISLL has not been able to complete several of these pre-agreed conditions precedents. PI industries will continue to evaluate other M&A opportunities that are aligned to it strategic direction with the intention to create a differentiated scale play in pharma.

Views: The company had raised QIP money since last two years, however delay in the allocation towards pharma venture has dragged return ratios. Since the due diligence for acquisition takes time, we expect a delay in finding out right candidate for inorganic expansion can impact return on investments in the near term, however the long term story remains intake about the development of pharma CDMO business