Siegfried buys BASF drug ingredient businesses for $306 million

May 7, 2015 5:46 AM

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FRANKFURT (Reuters) - German chemicals group BASF (BASFn.DE) has agreed to sell parts of its pharmaceutical ingredients business to Swiss drug contract manufacturer Siegfried Holding (SFZN.S) for 270 million euros ($306 million), including assumed debt.

"Siegfried will reach the critical size to play a leading role in the supplier market as a recognized partner for the pharmaceutical industry," said Siegfried Chief Executive Rudolf Hanko.

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