India's Piramal acquires Bayer imaging portfolio

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Associated Press

Posted on April 16, 2012 at 7:01 AM

MUMBAI, India (AP) — India's Piramal Healthcare says it is buying a portfolio of imaging molecules that have medical applications from Germany's Bayer for an undisclosed sum.

The deal announced Monday includes florbetaben, a molecule designed to diagnose Alzheimer's disease, which Piramal says could generate $1.5 billion in sales.

The product is in late stage clinical trials. Piramal plans to submit it for U.S. regulatory approval by year's end.

Piramal, which sold its core generic drugs business to Abbott Laboratories in 2010, is trying to transform itself into a brand-name pharmaceutical company, with lucrative patents worldwide.

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