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Torrent Pharmaceuticals Ltd (TPL), on Thursday, said it has entered into a binding agreement to acquire the Vizag-based API manufacturing unit of Hyderabad-based Glochem Industries Ltd, along with a few drug master files (DMFs) as a going concern on slump sale basis.
However, the company did not disclose financial considerations involved in the acquisition.
The Torrent Group flagship company TPL, with annual revenues of more than Rs.6,600 crore, currently has five formulation units. With the latest acquisition, it will have three API facilities for the regulated markets in the near future.
The API unit, approved by the USFDA and the European regulatory authorities, is a multi-product facility with a capacity to manufacture advance intermediates and active pharmaceutical ingredients (APIs). The acquisition will help TPL in vertically integrating the abbreviated new drug application (ANDA) filings in the future, said Jinesh Shah, Executive Director (Operations), Torrent Pharma.
He said the acquisition of this site will further help in backward integration and scale up TPL’s manufacturing capacity to meet the growing demand from the international markets.
The Glochem facility, located at JNPC Parawada in Vishakhapatnam, 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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