Torrent Pharma completes acquisition of Encore Group firm Zyg Pharma

Drug firm Torrent Pharmaceuticals on Saturday said it has completed acquisition of Encore Group firm Zyg Pharma.

The company on May 5, said that it has signed a share- purchase agreement to acquire 100 per cent stake in Zyg Pharma , a company engaged in manufacturing various dermatological formulations like creams, ointments, gels, lotions and solutions.

"...the conditions precedent and closing conditions have been satisfied and the entire equity was transferred to the company on July 17, 2015," Torrent Pharmaceuticals said in a Bombay Stock Exchange (BSE) filing.

Zyg Pharma is a part of the Merchant family-promoted Encore Group.

Torrent Pharmaceuticals said it will fund acquisition through internal accruals.

The acquisition will help the company strengthen its position in niche dermatological segment, especially in developed markets like the US and Europe.