Alembic Pharmaceuticals, an India-based API maker, is selling its formulation manufacturing plant in Baddi to Scott Edil Pharmacia for an undisclosed amount, according to a filing (PDF) with the Bombay Stock Exchange.
No financial details of the deal, which Alembic said in the filing is on a “slump sale basis,” were disclosed. Alembic noted that the turnover and net worth of the plant over the last financial year was “insignificant.”
The company said it will continue to meet its domestic formulation demand from its facility in Sikkim, and its Panelav unit will continue meet international formulation demand.
Notice of the sale comes just days after Alembic reported that a fire last week disrupted production at a generics plant it operates as part of a joint venture in Algeria.
Alembic, which is best known for manufacturing anti-infective, analgesic and cough and cold therapies, last month announced it would enter the oncology drug market by opening an anticancer manufacturing facility at Panelav, Halol, in Gujarat. That plant is expected to produce 60 million tablets and capsules and about 20 million vials of liquid injectable and lyophilized concentrates.