Chennai, Oct 31 (IANS): Indian pharmaceutical major Zydus Lifesciences Ltd on Tuesday said it has signed an agreement to acquire the UK-headquartered LiqMeds Group of companies for a cash consideration of 68 million pounds.

In a regulatory filing, Zydus Lifesciences said the acquisition will be by its UK subsidiary Zydus Pharmaceuticals UK Ltd.

According to Zydus Lifesciences, the acquisition of LiqMeds group consists of five companies having specialisation in development, manufacturing, and supply of oral liquid products. The group’s subsidiary LM Manufacturing Ltd (LMML), has an oral liquids manufacturing site at Weedon, Northampton, UK, which supplies products to the US and UK markets.

As per the acquisition deal, the Indian company will pay 45.8 million pounds to the sellers towards cost of acquisition of the 5.3 million pounds LiqMeds group. The balance 22.2 million pounds will be utilised for settlement of indebtedness of LiqMeds Group as on the date of completion.

In addition, additional amounts will be paid, in tranches, over next three calendar years, depending on achievement of certain agreed milestones, the Indian company said.