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Torrent Pharmaceuticals Ltd on Thursday announced the acquisition of the US-based generic pharmaceuticals and OTC company, Bio-Pharm, Inc. (BPI) triggering the first M&A this year in the domestic pharma sector.
The company did not disclose the deal size.
The latest acquisition comes after Torrent completed ₹3,600-crore acquisition of branded business of Unichem Laboratories Ltd for India and Nepal markets, including its Sikkim manufacturing facility last month.
Established in 1992 and based in Levittown Pennsylvania, US, BPI has a proven track record in research and development and manufacturing of oral solutions, suspensions and suppositories.
“This acquisition is an important step for increasing Torrent’s presence in the United States, is consistent with our strategy of dosage form diversification, and provides us with new capabilities including manufacturing and R&D presence in the US," Torrent Pharma stated in a statement announcing the acquisition.
BPI's US FDA registered facility has manufacturing capabilities for controlled substances which can be manufactured in the US only as per government guidelines (DEA Schedule II-V).
To date, BPI has 10 approved ANDAs, 10 ANDAs under review at the FDA for itself and its partners and has an additional 17 products under development.
Torrent plans further investments to expand the BPI facilities including R&D capabilities and will increase the number of product filings from BPI.
Having annual revenues of over ₹5,800 crore, Torrent Pharma is the flagship company of the ₹18,300 crore Torrent Group. The company, led by Executive Chairman, Samir Mehta, has been on an aggressive expansion spree fuelling the consolidation in the Indian pharma space.
Earlier in 2017, Torrent Pharma had acquired two hormone brands in women healthcare — Regestrone and Pregachieve for India market from Swiss major Novartis AG in May 2017.
In June 2016, Torrent Pharma had acquired USFDA-approved API unit in Vizag from Hyderabad-based Glochem Industries Ltd.
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