Strides Shasun to acquire Perrigo API India
Indian pharmaceutical company Strides Shasun has entered agreements to acquire complete shares in Perrigo API India for Rs1bn ($14.81m).
Pursuant to the merger with Shasun Pharmaceutical in 2014, Strides obtained access to two US FDA API facilities.
After completing the merger, Strides has upgraded infrastructure and quality standards to build a portfolio of backward integrated small molecules and cater to markets of Japan and South Korea.
Strides Shasun group CEO Shashank Sinha said: “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.”
Perrigo API India’s facility brings into the fold a plant at Ambernath, Maharashtra, which is approved by the US FDA.
It will be used for captive consumption and would augment Strides’ resources to handle new product development, as well as commercial launches in the formulations portfolio.
Strides proposes to transfer all the integrated DMFs filed for captive consumption to the acquired facility, which has a potential capacity of 600t per year.
Subject to customary closing conditions, the transaction is expected to close by 31 December this year.
As part of a supply agreement, Perrigo parent or affiliates will continue to source few products from the facility.
Strides Shasun has a global manufacturing footprint, with 13 manufacturing facilities spread across three continents, including five US FDA approved facilities and eight facilities for the emerging markets.