Strides Pharma Science Ltd on Friday said it has signed definitive agreements with the units of American drug maker Endo International Plc to acquire its manufacturing facility in New York and a portfolio of abbreviated new drug applications (ANDAs) for $24 million (Rs 177.5 crore).
R Ananthanarayanan, managing director and CEO of Strides Pharma Science, said that this acquisition will double the acquirer's US portfolio with a potential to launch five to six new products each quarter.
The facility in New York has an annual capacity of 2 billion units across semi-solids, liquids, nasal sprays along with oral solids. It is expected to help Strides Pharma Science ease supply chain related bottleneck issues in the US. The acquired portfolio has 20 commercial products and a basket of dormant ANDAs, it added. ANDA is an application for a US generic drug approval for an existing licensed medication.
The acquisition will be financed by debt and internal accruals and is expected to be completed by the end of this year.
This not Strides Pharma Science's first acquisition to boost presence in the US. In 2019, it acquired a manufacturing facility in Florida from Micelle BioPharma Inc. That year, it also said it is acquiring US-based generics firm Vensun Pharmaceuticals Inc for $18 million while it sold its Australian business.
