Bengaluru-headquartered Indian pharma major Strides Shasun Limited has announced to acquire the entire shareholding in Perrigo API India Private Limited in a Rs 1,000 million deal, which is subject to customary closing conditions and expected to be closed by December 31.
According to Strides Shasun, the agreement brings into its fold a US FDA approved API facility of Perrigo API India located at Ambernath, Maharashtra, to be used for captive consumption and will augment the companys resources to handle high velocity of new product development and commercial launches in the formulations portfolio.
With this acquisition, we bring into our fold a manufacturing facility designed to handle multipurpose small batch productions and accelerates our time to market. This augurs well for the Strides stated strategy of building a backward integrated portfolio of niche and small volume products for the regulated markets, said Shashank Sinha, Group CEO of Strides Shasun.
Under the terms of the agreement, Strides Shasun will acquire 100 per cent of the issued capital of Perrigo API India.
Perrigo parent, which reported a turnover of Rs 737.60 million for the financial year ending March 31, 2016, or its affiliates will continue to source few products from the facility under a long term supply agreement.
Strides Shasun Limited has global manufacturing footprint with 13 manufacturing facilities spread across three continents including five US FDA approved facilities and 8 facilities for the emerging markets.
The company has three dedicated R&D facilities in India with global filing capabilities and a strong commercial footprint across 85 countries.