June 30, 2016 8:17:25 pm
A flagship company of Torrent Group — Torrent Pharmaceuticals Ltd — Thursday said it has entered into a biding agreement to acquire Vizag-based API manufacturing unit of Glochem Industries Ltd for an undisclosed amount.
With annual revenues of over Rs 6,600 crore, the Ahmedabad-based company currently has five formulation manufacturing units and with this acquisition it will have 3 API facilities for the regulated markets, in the near future.
The acquisition will also involve a few Drug Master Files (DMF) as a going concern on slump sale basis, an official release from the company stated.
The API unit approved by the US FDA and the European regulatory authorities is a multi-product facility, with a capacity to manufacture Advance Intermediates & Active Pharmaceutical Ingredients (APIs). The acquisition will help Torrent Pharma in vertically integrating its Abbreviated New Drug Application (ANDA) filings in the future.
Jinesh Shah, Executive Director (Operations) at Torrent Pharma said, “Acquisition of this site will further help in backward integration and scale up of Torrent’s manufacturing capacity to meet the growing demand from the international markets.”
The facility located at JNPC Parawada District, Vizag, currently has three blocks for advance Intermediate manufacturing and four blocks for API manufacturing. The facility also has capabilities for on site development, analytical method development, Quality Control laboratory and a Pilot Plant.
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