Strides Shasun acquires Perrigo’s API facility for Rs. 100 cr
The Dollar Business Bureau
Indian pharmaceutical company, Strides Shasun Ltd, has acquired Perrigo's active pharmaceutical ingredients (APIs) manufacturing facility, based in Ambernath city of Maharashtra for Rs.100 crore.
“The company has inked a definitive agreement to acquire the complete shareholding in Perrigo API India Pvt Ltd for Rs.100 crores,” Strides Shasun said in a press release.
The deal is likely to be completed by December 31, 2016, it said.
Commenting on the deal, Shashank Sinha, Group CEO, Strides Shasun, said, “This acquisition will bring a manufacturing facility into the company’s fold which is designed to manage multi-purpose small batch productions and speed up our time to the market.”
“This goes well with the Strides' strategy of creating a backward integrated portfolio of small volume and niche products for regulated markets,” he added.
Strides Shasun will utilise the Perrigo's API facility for captive consumption and will enhance its resources to manage high speed of new development of products and new commercial launches in the formulation range.
The plant has a potential capacity to produce 600 tonnes a year and had zero 483s in its recent USFDA inspection. The company plans to move all the integrated Drug Master Files (DMFs) for captive consumption to the acquired plant.
According to the deal, Perrigo will continue to procure few products from Ambernath plant as per a long-term supply agreement.
Perrigo API India Pvt Ltd recorded a turnover of Rs.73.76 crores during the last financial year ended on March 31.