Our step-down unit Strides Pharma Inc has acquired a manufacturing facility in Florida from Micelle BioPharma Inc to expand its presence in the US, Drugmaker Strides Pharma announced recently.
In a statement the company said, “Strides Pharma Inc has acquired the manufacturing facility under an asset purchase agreement with Micelle Biopharma Inc for a consideration of USD 0.5 million (Rs 3.59 crore) and will invest up to USD 10 million (Rs 71.85 crore) to build incremental capabilities and add additional dosage formats.”
“Micelle’s facility is based in Riviera Beach, Florida and is one of the very few manufacturing facilities in the US with a soft gel capsule (SGC) manufacturing suite for formulations with containment needs. It is also the only US Food and Drug Administration (USFDA) approved integrated manufacturing-packaging SGC facility in the US,” the company added.
Strides Pharma Science said the company has over 2 billion annual capacity of SGC at its flagship site in Bangalore. The Florida site will augment this capacity and will offer an alternate site to support the company’s growth plans.
Strides Pharma Science said with the addition of the Florida site, Strides now has eight formulation sites globally catering to the regulated and emerging markets.