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Torrent Pharma acquires Glochem’s Vizag facility
Torrent Pharmaceuticals Limited has entered into a binding agreement to acquire the Vizag active pharmaceutical ingredient (API) manufacturing facility of Hyderabad-based Glochem Industries Limited along with a few drug master files as a going concern on a slump sale basis.
Hyderabad: Torrent Pharmaceuticals Limited has entered into a binding agreement to acquire the Vizag active pharmaceutical ingredient (API) manufacturing facility of Hyderabad-based Glochem Industries Limited along with a few drug master files as a going concern on a slump sale basis.
Located in the Jawaharlal Nehru Pharma City at Parawada in Visakhapatnam district of Andhra Pradesh, the facility has three blocks for advanced intermediate manufacturing and four block dedicated for API production. The unit, approved by the US Food and Drug Administration (USFDA) and European regulatory authorities, also has the capabilities for on-site development, analytical method development, one quality control laboratory and a pilot plant.
“This will be beneficial in Torrent Pharma’s growth trajectory. The acquisition will help the company in vertically integrating its abbreviated new drug application (ANDA) filings in the future,” the company said in a statement on Thursday. Torrent Pharma, however, did not disclose the value of the acquisition deal.
Ahmedabad-based Torrent Pharma, with annual revenues of more than Rs 6,600 crore and a market cap of around $3.3 billion, currently has five formulation manufacturing units at Indrad and Dahej in Gujarat, Baddi in Himachal Pradesh, Sikkim and at Pithampur in Madhya Pradesh to produce formulations and bulk drugs. With the acquisition of Glochem Industries’ Vizag unit, it will now have three API facilities for the regulatory markets, in the near future.
“The acquisition of this site will further help in the backward integration and scale up Torrent's manufacturing capacity to meet the growing demand from the international markets,” said Jinesh Shah, Executive Director (operations) of Torrent Pharmaceuticals Limited. Torrent Pharma had been on an aggressive acquisition spree for over three years now.
The company had acquired the branded domestic formulations business of Elder Pharmaceutical in India and Nepal for Rs 2,000 crore in December 2013, and 100 per cent stake in Indore-based Zyg Pharma Private Limited in May 2015. It had been in active acquisition talks with Glochem Industries since the last one year. Torrent Pharmaceuticals Limited’s scrip ended the trade at Rs 1,370.75 on the BSE on Thursday, up 1.45 per cent, over the previous close of Rs 1351.15 per share.
