Senores Pharmaceuticals to acquire Apnar Pharma and five ANDAs
The first tranche of the transaction is expected to be completed within the current fiscal year by March 2026, while the second tranche is anticipated to close by the second quarter of FY 2027.
Senores Pharmaceuticals announced that it has entered into a definitive agreement to acquire 100% equity stake in Apnar Pharma, along with the acquisition of five Abbreviated New Drug Applications (ANDAs), marking a significant milestone in Senores’ growth strategy across regulated pharmaceutical markets.
Apnar Pharma, incorporated on December 12, 2014, is a privately held pharmaceutical company engaged in the licensing, development, and manufacturing of generic formulations for regulated markets including the United States, the United Kingdom, and Canada. The company operates a dedicated manufacturing facility located in Jambusar, Gujarat, which is approved by the US Food and Drug Administration (USFDA), the UK Medicines and Healthcare products Regulatory Agency (MHRA), and Health Canada.
The total enterprise value of the transaction is approximately ₹91 crore. Of this, around ₹76 crore comprises total debt along with expected liabilities related to the manufacturing plant, which will be taken over by Senores. The remaining balance of approximately ₹15 crore will be paid in cash in two tranches, with 75 per cent payable in the first tranche and 25 per cent in the second tranche. The equity contribution of approximately ₹15 crore will be funded partly from IPO proceeds earmarked for General Corporate Purposes and partly through internal accruals, and will also be paid in two tranches in the same proportion.
Swapnil Shah, Promoter and Managing Director of Senores Pharmaceuticals, said, “This acquisition marks a significant milestone in accelerating the growth trajectory of Senores Pharmaceuticals Limited. The facility will not only enhance our manufacturing capacity but also enable us to enter additional regulated markets such as UK, and Canada (in addition to the US), where we currently have limited presence. In addition to market access, the acquisition includes 5 approved ANDAs associated with the facility, representing a total market opportunity of over ~$700 million.
Through this acquisition, we will broaden our reach across regulated markets, introduce new products, and leverage the facility to manufacture select US products from India. This will improve operating leverage and support margin expansion. The facility will also strengthen our manufacturing capabilities and deepen customer relationships, creating further opportunities in the CDMO and CMO segments.
Looking ahead, we remain committed to expanding our product portfolio across regulated markets, scaling our CDMO/CMO business, accelerating growth in emerging markets, and strengthening our branded generics presence in India. Supported by our existing product portfolio, a robust pipeline, and enhanced manufacturing capabilities, we are confident in our ability to drive long-term growth and create sustained value for shareholders.”
In addition to the acquisition of Apnar Pharma, Senores’ wholly owned subsidiary, Senores Pharmaceuticals Inc., will acquire a basket of five ANDAs from Apnar Pharma’s parent company. Of these, three ANDAs are validated and qualified, with commercialization expected to begin immediately.
The first tranche of the transaction is expected to be completed within the current fiscal year by March 2026, while the second tranche is anticipated to close by the second quarter of FY 2027. The acquired facility is expected to ramp up operations within one to three months of acquisition.