The Board of Directors of Solara Active Pharma Sciences accepted the recommendations of the Committee of Independent Directors and Audit Committee and approved the amalgamation of Aurore, Empyrean and Hydra with Solara.
“The combination creates a pure-play API company of scale with strong presence in Regulated Markets, Emerging Markets, a broad product portfolio, robust operations infrastructure, excellent R&D capabilities and clear synergies to further accelerate growth for the combined entity.,” informed a statement from the company.
It added, “The merger is EPS accretive to Solara and will enhance other important financial ratios for Solara. The merger is in line with Solara’s strategy of accelerating growth via appropriate inorganic actions. The combined entity will have the scale of market presence and product portfolio combined with robust manufacturing and R&D infrastructure to grow into a leading global pure play API and CRAMS company.”
Commenting on the performance, Bharath Sesha, the MD & CEO of Solara stated, “As Solara continues its journey towards accelerated growth, the combination with Aurore is a significant boost. The two entities complement each other on product portfolio, geographical presence and customers while amplifying the strengths of world-class quality systems, strong R&D capabilities and robust manufacturing infrastructure. The combination will provide a compelling value proposition for both our generic APIs and CRAMS customers and exciting opportunities for the talented teams to grow with the company.”
Rajender Rao Juvvadi, the MD of Aurore, stated, “In a very short span of time Aurore has reached a critical size and an inflection point and needs additional capacity and capital to grow to the next level being an important API player. The merger with Solara creates an opportunity to meet these aspirations and helps in achieving the desire of being one of the most dominant API players. The merged entity provides a platform to combine the advantages of scale with a lean and cost-efficient unique product development ability. Aurore’s R&D ability and speed of validations, filings and continuing product portfolio creation would enable the merged entity substantially scale up and underpin its pure-play presence.”