Strides acquires US FDA-approved Sterile Formulations facility
26 Apr 2012
Bangalore-based pharma firm Strides Arcolab Limited today said that as part of its strategy to build and expand the core injectable business, its wholly-owned subsidiary Agila Specialities has acquired a US FDA approved Sterile Formulations facility from Star Drugs and Research Labs Limited for Rs125 crore.
The facility manufactures a wide range of injectable formats. The liquid vials unit with a capacity of 97 million units, was recently approved by the US FDA.
Sterile Formulations facility is located at Hosur in Tamil Nadu, in close proximity to Strides' own new steriles complex, on the outskirts of Bangalore.
Strides said in a statement that the acquisition is being funded from cash in hand and internal accruals.
Post-acuisition, Strides would gain immediate incremental capacity as the existing capacities are fully committed due to drug shortages of sterile injectables worldwide
Strides says it would also gain significant time to market advantage as setting up and commercialising a greenfield project usually takes four - five years years, and thus expedited flow of product commercialisation.
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