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    Strides Pharma acquires manufacturing plant in Florida for Rs 3.59 crore

    Farhat NasimWritten by Farhat Nasim Published On 2019-08-27T14:30:26+05:30  |  Updated On 16 Aug 2021 1:57 PM IST

    "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," the company said in a regulatory filing.


    New Delhi: Strides Pharma Science Ltd on Tuesday said its step down subsidiary Strides Pharma Inc has acquired a US health regulator approved manufacturing facility in Florida from Micelle BioPharma Inc.


    "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," the company said in a regulatory filing.




    Strides Pharma Science said the site has undergone several successful USFDA inspections and has no outstanding observations.


    Also Read: USFDA finds adulteration, violations of CGMP regulations at Strides Pharma Puducherry plant


    "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.


    Elaborating on the strategic rationale behind the acquisition, Strides Pharma Science said US business for Strides has seen a significant ramp up over the last few quarters, driven by sustained business growth in base products and new product introductions through its own front-end.


    SGC is one of the important pivots in the company's growth. Strides has a portfolio of over 10 approved SGCs in the US and other regulated markets and a pipeline of 15 SGC abbreviated new drug application (ANDAs) filed/under filing for 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.


    Also Read: Strides Pharma gets USFDA warning letter for Puducherry facility

    floridaMicelle BioPharmapharmapharma newspharma news indiasoft gel capsulestrides florida facilityStrides PharmaStrides USUS Food and Drug AdministrationUSFDA
    Source : PTI

    Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2020 Minerva Medical Treatment Pvt Ltd

    Farhat Nasim
    Farhat Nasim

      Farhat Nasim joined Medical Dialogue an Editor for the Business Section in 2017. She Covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She is a graduate of St.Xavier’s College Ranchi. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751 To know about our editorial team click here

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