Drugmaker Strides Pharma Science Ltd said on Tuesday it has acquired a manufacturing facility in Florida from Micelle BioPharma Inc to expand its presence in the US.
The company said in a stock market disclosure that step-down unit Strides Pharma Inc bought the plant for $500,000 (Rs 3.59 crore).
As part of the deal, the unit will invest up to $10 million to build incremental capabilities and add additional dosage formats, it added.
Following this acquisition, Strides has eight formulation sites globally catering to the regulated and emerging markets.
Micelle BioPharma's facility manufactures soft gel capsule (SGC), which are oral dosage form for medicine similar to capsules. The facility is the only FDA approved integrated manufacturingâ€packaging SGC facility in the US.
Strides Pharma has over 2 billion annual capacity of SGC in Bengaluru. The new facility will boost this capacity and provide an alternate site to support the company’s growth plans.
The Indian drugmaker plans to increase additional dosage format suites for select large volume products at its new facility in the US.
“US business for Strides has seen a significant ramp up over the last few quarters driven by sustained business growth in base products and new product introductions through its own frontend,” according to a statement.
Last month, Strides Pharma Science said it is entering China by forming a joint venture with Sun Moral International Ltd, a wholly-owned unit of Chinese firm Sihuan Pharmaceutical Holdings Group Ltd.
In January, the Indian drugmaker agreed to sell its Australian business and buy companies in the US and Canada, as it reshuffles its overseas portfolio and cut debt. https://www.vccircle.com/strides-pharma-to-sell-australia-biz-buy-us-and-canadian-firms/