Express Pharma

Strides Shasun to acquire Perrigo’s US FDA approved API facility in India

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Strides Shasun will acquire 100 per cent of the issued capital of Perrigo API India for a consideration of Rs 1000 million

Strides Shasun has signed a definitive agreements to acquire the entire shareholding in Perrigo API India for Rs 1000 million. The transaction is subject to customary closing conditions and expected to be closed by December 31, 2016.

Under the terms of the agreement, Strides Shasun will acquire 100 per cent of the issued capital of Perrigo API India for a consideration of Rs 1000 million. Perrigo parent or affiliates will continue to source few products from the facility under a long term supply agreement. Perrigo API India reported a turnover of Rs 737.60 million for the financial year ended March 31, 2016 and had a gross asset base of Rs 2874 million.

Shashank Sinha, Group CEO, Strides Shasun stated, “With this acquisition, we bring into our fold a manufacturing facility designed to handle multi-purpose 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.”

EP News Bureau

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