Japan’s Mieji Holdings buys out Medreich for $290 mn

Medreich Mieji Holdings Ltd has acquired Bangalore-based pharmaceutical firm Medreich for $290 million, according to a company statement.

The acquisition has been made through Meiji Seika Pharma Co Ltd, the company said in a filing to the Tokyo Stock Exchange.

Meiji said the acquisition was subject to approval of the regulatory authorities.

After the acquisition, Medreich will be a fully-owned subsidiary of Meiji Seika Pharma - but the company has no plans to change the name of the acquired entity.

Medreich does contract manufacturing of pharmaceutical formulations (CMO) and contract development and manufacturing (CDMO). Besides, it sells generic pharma products to Europe, Asia and Africa.

The Meiji Group had announced its intention to enter the global generics field in a big way with its ''Meiji Group 2020 Vision'', that includes focusing on developing, research and development, manufacture and sale of new drugs in the area of infectious diseases and diseases of the central nervous system.

The group has interest in manufacturing and selling confectioneries, dairy products and pharmaceuticals.