Comments
Strides Pharma Science Ltd said on Friday said its wholly-owned subsidiaries have entered into agreements with subsidiaries of global speciality pharma company Endo International plc to acquire its manufacturing facility at Chestnut Ridge, New York, for $24 million.
The new portfolio has 20 commercial products and a basket of dormant ANDAs (abbreviated new drug applications) that are expected to fast track Strides’ new product launch strategy for US markets, as per the communique.
The cumulative addressable market for the acquired portfolio was $4.7 billion as of May 2021, said the company. The transaction, which is expected to close in CY2021, would be financed by a combination of internal accruals and debt financing. The Endo facility at Chestnut Ridge has an annual capacity of 2 billion units across semi-solids, liquids, nasal sprays along with oral solids.
Also read: Strides Pharma partners with Nasdaq listed TLC to launch Liposomal Amphotericin B
“This site mirrors the capabilities of our flagship facility at Bengaluru and will help further de-risk our manufacturing footprint,” Strides further said.
Dr R Ananthanarayanan, Managing Director & CEO, Strides said, “Over the last few years our US business has witnessed a healthy growth momentum and has now attained a critical scale. The acquisition announced today is a strategic fit for the business and will help further accelerate our growth momentum for the US market.”
With this acquisition, Strides would have doubled its US portfolio with the potential to launch 5-6 new products each quarter going forward. “On completion of the transaction, our immediate focus will be on seamless integration of people and the acquired assets onto Strides platform,” he added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.