Recipharm acquires 74 per cent of the shares for a purchase consideration of Rs 6,713 million on a cash and debt free basis
Recipharm Lifesciences has acquired a majority stake in Nitin Lifesciences, an Indian sterile injectables CMO, currently owned by the Sobti family. Recipharm has acquired 74 per cent of the shares for a purchase consideration of Rs 6,713 million on a cash and debt free basis.
Thomas Eldered, Chief Executive Officer, Recipharm said, “I am delighted that we have now completed this transaction. The combination of Nitin and Recipharm represents an important step in the development of both companies and I am pleased that both Dr Chetan Sobti and Nitin Sobti will be continuing in their current positions.”
MM Sobti, Founder, Nitin Lifesciences, said, “This partnership represents a real opportunity to take Nitin Lifesciences to a new level. The combination allows both organisations to access a wider customer base and to gain important learning from each other. The Sobti family is pleased to be entering into this new strategic partnership which will be hugely beneficial for both companies”.