Drug maker Aanjaneya Lifecare today said it has acquired Hyderabad-based Apex Drugs and Intermediates

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(ADIL) for Rs 250 crore.

"The acquisition was valued at Rs 250 crore with debt of Rs 185 crore and equity dilution of Rs 65 crore," Aanjaneya Lifecare said in a statement.

The Mumbai-based company has acquired ADIL's assets, businesses, clients, licensees, employees and has merged both the companies' operations, it added.

Commenting on the development Aanjaneya Lifecare Vice Chairman and Managing Director Kannan Vishwanath said: "It will reduce the company's dependence on third parties for pricing and supply to a large extent."

The company said it will leverage the strong relations of ADIL developed in Asia, Europe, UAE and Latin America for exports.

The acquisition will help Aanjaneya Lifecare to widen its product portfolio in various therapeutic segments including AIDS, Diabetes and central nervous system, it said.

Shares of Aanjaneya Lifecare today closed at Rs 538.45 on the BSE, down 3.82% from its previous close.