Sigachi Industries acquired 80 per cent stake in API manufacturing company, Trimax Bio Sciences, Raichur, Karnataka.
“The board has approved the acquisition of 2.88 crore equity shares of ₹10 each constituting 80 per cent of paid-up equity share capital in Trimax Bio Sciences Private Ltd for ₹100 crore and proposal for further acquisition of balance 20 per cent of the paid-up equity share capital of Trimax Bio Sciences Private Ltd after 3 years for a sum of ₹25 crore or 8.5 times of EBITDA multiples, whichever is higher with purchasers’ call option,’‘ the Hyderabad-based company informed BSE on Thursday.
The API unit is equipped with cutting-edge technology and is in compliance with the stringent international quality standards of USFDA, EMEA and WHO. Additionally, It is approved by USFDA for advanced and critical intermediates.
“We are thrilled to venture into the API business, which presents vast opportunities to further strengthen our presence in the pharmaceutical industry. The acquisition of this well-equipped API unit aligns perfectly with our mission to deliver superior healthcare solutions globally,’‘ Amit Raj Sinha the MD & CEO, Sigachi Industries said in a release.
With a well-established track record of excellence in research, development, and manufacturing, the acquired API unit will synergize seamlessly with Sigachi’s existing portfolio of excipients and will provide one stop solution for customer’s API & non-API needs, he added.