Cadila Healthcare to acquire Windlass Healthcare for Rs 155.55 crore

New Delhi: Drug firm Cadila Healthcare said it will acquire 51 percent stake in Windlass Healthcare for Rs 155.55 crore.

The deal does not constitute related party transaction, the company said in a BSE filing.

"Objective of this investment is to expand pharma manufacturing footprint," Cadila said.

As per the filing, the company has entered into an agreement to acquire a 51 percent share capital of Windlass Healthcare Pvt Ltd.

The cost of acquisition is Rs 155.55 crore and it will be completed by end of September 2018, it added.

Sharvil Patel, Managing Director, Cadila Healthcare told the Hindu, "We see this as an opportunity to ramp up our operations and increase our product offerings. Windlas Healthcare's cost-efficient manufacturing infrastructure and technical competence to develop a competitive product pipeline will be a great asset for us."

In a stock exchange filing, Cadila Healthcare said that Windlas Healthcare has a robust manufacturing infrastructure with USFDA inspected oral solids manufacturing facility.

"Windlas Healthcare also has a dedicated research and development (R&D) facility for formulations development and has developed four first-to-file ANDAs in the last two years. The strategic deal allows Cadila Healthcare to expand its existing manufacturing base," the company said.

Windlass Healthcare Limited (WHC), promoted by Shri Ashok Windlass and his sons, Hitesh Windlass and Manoj Windlass, was established in 2008 with the vision of establishing an excellent manufacturing facility that caters primarily to regulated markets resulted in Windlass Healthcare with its corporate headquarters in Gurgaon.

In the span of just five years, the company completed USFDA audit, stated the company's website. By 2014 climbing the ladder of success further, the company had developed and filed four Abbreviated New Drug Applications (ANDA's) in the US. Three of these were the FTF opportunities (First to file) with a possibility of a day-1 launch and 180 days exclusivity.