India’s Torrent Pharma, which has been beefing up its international focused production capabilities, is buying an API operation from another Indian player.
The Ahmedabad-based drugmaker today reported to the Bombay Stock Exchange that it has a binding agreement to buy the Vizag-based API manufacturing unit of Glochem Industries. It didn't give a purchase price but said the multi-product facility is approved by the FDA and EU authorities and has units for both intermediate and API production. It also has development and quality control operations and a pilot plant.
Torrent already has four formulation plants in India and with this deal, will now have three API operations, it said in a release. "Acquisition of this site will further help in backward integration and scale up of Torrent's manufacturing capacity to meet the growing demand from international markets,” Jinesh Shah, executive director of operations at Torrent said in a statement.
Torrent has been on an expansion streak in the last several years, acquiring India's Elder Pharmaceuticals for $321.7 million in 2013, getting 30 Indian brands in the process. Last year it acquired Indian skin med specialist Zyg Pharma. It recently was reported to be in the mix to buy Indian sterile injectables maker Gland Pharma but sources later put Baxter ($BAX) in the front on that deal.
- access the announcement here
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