Recipharm Completes Buy of Indian Sterile Injectables CMOBy
The contract development and manufacturing organization, Recipharm AB, based in Jordbro, Sweden, has completed its previously announced acquisition of a majority stake in Nitin Lifesciences Limited (“Nitin”), an Indian sterile injectables contract manufacturing organization, currently owned by the Sobti family.
Recipharm acquired 74% of the shares for a purchase consideration of SEK 824 million ($102 million)
The move strengthens Recipharm's global position in sterile injectables, including lyophilization. Headquartered at Karnal in Northern India, Nitin has three facilities for manufacturing 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. The company specializes in manufacturing liquid ampuls, liquid vials, sterile dry powder (beta lactam & non beta lactam), multidose eye/ear drops and lyophilized vials covering more than 200 formulations across various therapeutic areas.