Indian pharmaceutical company Aurobindo Pharma Ltd will purchase Hyderabad-based Trident Life Sciences Ltd for about Rs 1.34 billion ($27.85 million).

In a statement to the Bombay Stock Exchange (BSE), Aurobindo Pharma official said, “The board has approved the acquisition of 100 per cent stake of TLSL subject to suitable agreements between the parties for the same and conditions customary to the closing of the transaction.”

Mr. G.V. Seshaiah, Chief Financial Officer, Trident Life Sciences said that Rs 390 million comprises the equity portion of the deal and Rs 950 million is the debt component.

This is going to be a great opportunity for Aurobindo Pharma to enter in the high growth injectables space by acquiring TLS. Further, it will increase itscapabilities in offering pharma manufacturing, distribution, services and solutions to its clients.

TLSL specializes in making of general injectable range of formulation products. The facility is likely to start its operations in April 2011.