Bangalore based pharmaceutical company Strides Shasun Limited have signed an agreements to acquire the entire shareholding in Maharashtra based Perrigo API India for INR 1000 Million.
Perrigo API India got access to two US FDA AOI facilities having a combination of API's for captive consumption and commodity APIs. Post-merger with Shasun Pharmaceutical Limited in 2014, the Company has significantly scaled up its API practice through upgrade of infrastructure and quality standards with a focus on building a portfolio of backward integrated small molecules and catering to high entry barrier markets of Japan and South Korea.
Under the terms of agreement, Strides Shasun will acquire 100% of the issued capital of Perrigo API India. Also, Perrigo parent or affiliates will continue to source few products from the facility under a long term supply agreement.
Perrigo API India's facility brings into the fold a US FDA approved API facility located at Ambernath, Maharashtra, 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. The facility with a potential capacity of 600 tons per year had zero 483s during its last US FDA inspection.
Commenting on the development, Shashank Sinha, Group CEO of Strides Shasun stated "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."