Drug firm Strides Shasun said it has inked pacts to acquire Perrigo API India for Rs 100 crore.
The company has signed “definitive agreements to acquire the entire shareholding in Perrigo API India Pvt Ltd (Perrigo API India) for Rs 1,000 million,” Strides Shasun said in a BSE filing.
The transaction is expected to be closed by December 31, 2016, it added.
Commenting on the development, 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, he added.
Perrigo API India’s USFDA approved API facility at Ambernath in Maharashtra is to be used for “captive consumption and will augment the company’s resources to handle high velocity of new product development and commercial launches in the formulations portfolio,” Strides Shasun said.
As per the agreements, Perrigo parent or affiliates will continue to source few products from the facility under a long term supply agreement, it added.