Piramal Healthcare has acquired the molecular imaging development portfolio of Bayer Pharma AG. The terms of the deal were not disclosed, however the deal involves certain milestone and royalty payments.

The acquisition is being made through it's newly created subsidiary - Piramal Imaging SA. The portfolio includes rights to florbetaben, that helps detect beta-Amyloid plaque deposition in the brain – an indication of probable Alzheimer’s disease.

Florbetaben is a radioactive compound being developed by Bayer as an imaging agent for the detection of beta-Amyloid plaque deposition in the brain, which is the pathological hallmark of disease in probable Alzheimer’s disease patients.

This acquisition is a part of Piramal's efforts to build a branded pharmaceutical products business after it sold its local generic-drugs business to Abbott Laboratories in 2010. Last week, Piramal said it received European regulatory approval to sell its first patented product — orthopaedic product BST-Cargel — which is part of the portfolio of Canadian medical device company BioSyntech Inc. that the Mumbai-based firm acquired last year for C$3.9Mn.

Piramal Healthcare is part of the Ajay Piramal group of companies. The Group is a diversified business house with interests in healthcare, glass manufacturing and real estate. In 1988, the group acquired Nicholas Laboratories, which was a Sara Lee group company (NL was incorporated in 1947 to manufacture pharmaceutical formulations by the Nicholas Kiwi group). Following its acquisition, the group changed NL’s name to Nicholas Piramal India Limited.

Subsequently, the company continued to grow by acquisitions – a pattern that has been historically followed by the group – acquiring Roche Products India in 1993, Sumitra Pharma in 1994, Boehringer Mannheim in 1997, R&D division of Hoechst in 1998, Rhone Poulenc India in 2000-01, the pharma division of ICI in 2002, and Sarabhai Piramal (remaining 50% stake) in 2003-04.

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