Mumbai-based generic drug maker Piramal Healthcare Limited has completed its previously announced acquisition of Minrad International, a provider of generic inhalation anesthetics.

It may be noted that US-based Minrad had approved the deal at the special meeting of stock holders held on February 27.

Under the arrangement, holders of Minrad common stock will receive, in exchange for their shares, cash amount of US$0.12 per share.

As a result of the acquisition, Minrad will operate as a wholly-owned subsidiary of Piramal Healthcare and Minrad’s shares will no longer trade on the NYSE Alternext Exchange.

UBS Securities LLC acted as exclusive financial advisor to Piramal Healthcare on the transaction.

Motilal Oswal, a leading broking house, has maintained its buy rating on Piramal Healthcare with a target price of Rs 290 in its February 16, 2009 research report.