Marksans Pharma has acquired New York-based Time-Cap Laboratories for $28 million (about ₹170 crore), a move that will give the Mumbai-based company a front-end presence in the US.

Time-Cap Labs makes and sells solid doze generic medicines, including private label over-the-counter (OTC) medications, prescription drugs and nutritional supplements and has a production facility in New York.

The company’s annual revenues over the last four years has been in excess of $30 million per annum, and it has no debt, a note from the company said.

Mark Saldanha, Managing Director and Chief Executive, said that the acquisition would give Marksans an ideal platform to expand its operation in the US.

It would help the company expand its manufacturing capabilities along with product portfolio and penetration into the US, he added. Mark is younger brother of Glenn Saldanha of Glenmark Pharma.

The ₹800-crore Marksans’ has funded this acquisition through its recent QIP and internal accruals, Jitendra Sharma, Chief Financial Officer, told BusinessLine . Time-Cap has about 150 people and 90 per cent of its revenues come from OTC, he added.

For Marksans about 20 per cent of its revenues come from the US, while about 60 per cent from Europe.

The company even has a production facility in the UK. With the latest acquisition, Time-Cap becomes a ₹1,000 crore company, and the focus will be to consolidate and integrate, he said.