Acquisition Current Affairs
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World’s largest bicycle manufacturer Hero Cycles acquired majority stake in UK-based Avocet Sports for an undisclosed amount.
It is the first overseas acquisition of Hero Cycle with an aim to enter into high-end bicycle market in Europe.
Manchester-based Avocet is among top three players in bicycles, e-bikes, bicycle parts and accessories in the UK and with Hero Cycles it aims to capture high-end bicycle market in UK and Germany.
With the experience of 20 years in high-end bicycles market Avocet has Tie-ups with leading retailers around the globe which includes Tesco, ASDA, Halfords, Amazon.com, Shop Direct, and Hero Cycles.
About Hero Cycles:
Ludhiana-based Hero Cycles is the world’s largest bicycle manufactures by volume and India’s first Bicycle manufacturing company, incorporated in 1956 by late Om Prakash Munjal.
It is a part of Hero Group that has its foot prints in sectors like bicycle components, automotive, automotive components, IT, services, Hospitality, Home Decor etc.
Hero Cycles manufactures over 7.5 million bicycles per year from its manufacturing units in Bihta (Bihar), Ludhiana (Punjab) & Ghaziabad (UP).
It acquires largest domestic market share and also exports to various countries in the Middle East, Africa, Asia and Europe.
Mallinckrodt, a leader in biopharmaceutical has signed an agreement to buy a leading immunotherapy company Therakos Inc, from the global investment firm, Gores Group for approximately 1.325 billion US dollars.
Significance of Therakos Acquisition:
- Therakos Inc is a US based global leader in autologous immune cell therapy delivered through extracorporeal photopheresis (ECP) that focuses to harness the power of patients’ immune systems to fight blood cancer.
- Its latest generation Cellex Photopheresis System is the only approved fully integrated systems in the world for administering autologous immune cell therapy through ECP.
- Therakos Photopheresis specifically deals with the treatment of a blood cancer that affects the skin for patients who have not been responsive to other forms of treatment.
- This therapeutic platforms of Therakos is used by hospitals, academic medical centres and treatment centres in more than 25 countries and deliver over one million photopheresis treatments globally.
- Mallinckrodt a Dublin, Ireland based drug and medical device maker expects to broaden its specialty segment in hospitals through innovative therapies and devices of Therakos.
- Mallinckrodt with this acquisition want to enlarge its presence into immunotherapy, pain management, critical-care respiratory therapies in neonatal intensive care units that has strong foot prints in nuclear medicines.
Autologous immune cell therapy: It is a therapy in which immune cells of the cancer patient is taken out of his/her body which are cultured and processed to activate them for resistance to cancer is strengthened and then the cells are put back in the body.