.gif)
The contract development and manufacturing organisation, Recipharm AB (publ) entered into an agreement whereby it will acquire a majority stake in Nitin Lifesciences Limited (“Nitin”), an Indian sterile injectables CMO, currently owned by the Sobti family.
Recipharm will acquire 74 % of the shares for an estimated purchase consideration of INR 6,712 million (SEK 872 million) on a cash and debt free basis.
Recipharm will join forces with the founding and managing owners, the Sobti family, in order to further grow the current business with demanding domestic and multinational customers into a leading position in the Indian sterile CDMO market.
Thomas Eldered, CEO of Recipharm commented: “I am delighted to be entering into this partnership with the current owners who have successfully expanded and grown the company to what it is today. It is our stated aim to have a more global footprint and participate in the good opportunities that emerging markets bring. The Indian market is particularly attractive showing high growth levels and the transaction firmly establishes Recipharm’s emerging market strategy. Nitin can also be used as a platform for entry into other regions. We are fortunate to have found such a high quality business and management and we are looking forward to utilising this opportunity to support our current customers’ strategy in the Indian domestic market”.
Headquartered at Karnal in Northern India, Nitin has three modern facilities for small volume parenterals located at Karnal (Haryana) and at Paonta Sahib (Himachal Pradesh). The newest facility in Paonta Sahib was taken into operations in 2014 and the business provides high technology pharmaceutical manufacturing solutions.
Subscribe to PharmaTutor News Alerts by Email >>
