Piramal Healthcare Ltd. (500302.BY) is planning to invest at least $1.5 billion to buy biotech companies and patents and enter ventures with pharmaceutical groups to develop new drugs, the Financial Times reported late Sunday, citing an interview with chairman Ajay Piramal.

Piramal has already been talking to a number of big pharmaceutical groups in U.S. and Europe, but he declined to name the groups involved, the FT said on its website. Piramal, however, said that he hoped to announce the first major deal within the next six to 12 months, according to FT.

Full Story: http://www.ft.com/intl/cms/s/0/d8997a7c-cdaf-11e0-bb4f-00144feabdc0.html#axzz1WNDtIJ8r

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