Indian Regulatory Authorities OK Recipharm’s Buy of Contract Sterile ManufacturerBy
Recipharm, a contract development and manufacturing organization based in Jordbro, Sweden, has received approval from regulatory authorities in India for its previously announced acquisition of a majority stake (74%) in Nitin Lifesciences Limited, an Indian sterile injectables contract manufacturing organization, Recipharm announced the acquisition in October 2015 for an estimated purchase consideration of INR 6,712 million ($105 million) on a cash and debt-free basis. The Indian Foreign Investment and Promotion Board has now granted approval for this transaction to take place. Closing is expected to take place by the end of the first quarter of 2016.
Headquartered at Karnal in Northern India, Nitin has three facilities for small-volume parenterals located at Karnal (Haryana) and at Paonta Sahib (Himachal Pradesh). The newest facility in Paonta Sahib became operational in 2014. The company specializes in manufacturing liquid ampuls, liquid vials, sterile dry powder (beta lactam and non beta lactam), multidose eye/ear drops, and lyophilized vials covering more than 200 formulations across various therapeutic areas including antibiotics, anti-malarial, NSAIDs, anti-inflammatory, and local anesthetics. The company is privately owned and employs approximately 500 employees at its three manufacturing facilities.