Teva Pharmaceutical Industries completed the sale (PDF) of its manufacturing facility in Goa, India, to Marksans Pharma for an undisclosed price.
First revealed in October, the deal wrapped up Wednesday, Marksans said in a press release.
With the acquisition, Marksans gets a 47,597-square-meter facility that will allow it to double its existing capacity in India from a current level of 8 billion units per year. The company plans to produce tablets, hard and soft gel capsules, ointments, liquids and creams with the added capacity.
As part of the deal, Marksans will continue its manufacturing agreement with Teva to supply some of the Israel-based pharma giant’s medicines.
Financial terms of the deal weren’t disclosed.
“The completion of the manufacturing capacity from Tevapharm India is a significant milestone to strengthen our position as a leading low-cost manufacturer and to provide high-quality products to meet the growing demands of our customers,” Mark Saldanha, Marksans’ managing director, said in a press release.
The facility has manufacturing approvals from the EU, Health Canada and the Japanese Health Authority.
Marksans now has three manufacturing sites located in the U.S., the U.K. and India.
For its part, Teva has been on a downsizing campaign for several years, starting with its 2017 announcement that it was plotting $3 billion in annual cost cuts.