Minrad and Piramal to Merge

Piramal Healthcare Limited will acquire Minrad International for $.12 per share plus the assumption of debt. The total transaction, valued at approximately $40 million, is expected to close in the first quarter of 2009.

Piramal, an Indian pharmaceutical giant with a market capitalization north of $45 billion, is aggressively building its Critical Care business globally. The strategic combination will give Piramal access to key intellectual property for the manufacture of inhalation anesthetics, including process-based intellectual property for both sevoflurane and desflurane, and will provide Piramal an immediate entry into the U.S. market for sevoflurane, the largest selling inhalation anesthetic in the U.S.

Upon completion of the merger, the combined company will have a marketing and sales presence in 108 countries with 178 distributors, capable of supplying anesthetic products to supply chain vendors and end users. Piramal expects the transaction to be accretive to its earnings for the fiscal year ending March 31, 2010.

Commenting on the merger, David DiGiacinto, President of Minrad, said, “Our Board believes the transaction is in the best interests of all our stakeholders, and also allows our employees to continue growing the Minrad business as part of a global leader in anesthetic products. We hope to complete it as soon as possible.”

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