 "Recipharm buys 74% stake in Nitin Lifesciences for Rs 671 crore")
Recipharm AB, the Swedish contract development and manufacturing organisation (CDMO), has entered into an agreement to acquire 74 percent stake in sterile injectables producer Nitin Lifesciences Limited, currently owned by the Sobti family, for Rs 671 crore.
Recipharm will join forces with the founding and managing owners, the Sobti family, in order to further grow the current business with demanding domestic and multinational customers into a leading position in the Indian sterile CDMO market.
Thomas Eldered, CEO of Recipharm, commented, “It is our stated aim to have a more global footprint and participate in the good opportunities that emerging markets bring. The Indian market is particularly attractive showing high growth levels and the transaction firmly establishes Recipharm’s emerging market strategy. Nitin can also be used as a platform for entry into other regions. We are fortunate to have found such a high quality business and management and we are looking forward to utilising this opportunity to support our current customers’ strategy in the Indian domestic market.”
Nitin Lifesciences has emerged as one of the largest small volume parenteral manufacturers in India and is engaged in contract manufacturing to major Indian and international pharmaceutical companies. Headquartered at Karnal (Haryana), Nitin Lifesciences has three modern facilities for small volume parenterals located at Karnal and Paonta Sahib (Himachal Pradesh).
Nitin Lifesciences specialises in manufacturing liquid ampoules, liquid vials, sterile dry powder (beta lactam & non beta lactam), multidose eye/ear drops and lyophilized vials covering more than 200 formulations across various therapeutic areas including antibiotics, anti-malarial, NSAIDs, anti-inflammatory and local anesthetics.
For the 12 month period ending August 2015, Nitin reported sales of Rs 316.9 crore and an EBITDA of Rs 73.2 crore corresponding to an EBITDA margin of 23.1 %. Nitin Lifesciences is essentially debt free.
Recipharm will join forces with the founding and managing owners, the Sobti family, in order to further grow the current business with demanding domestic and multinational customers into a leading position in the Indian sterile CDMO market.
Thomas Eldered, CEO of Recipharm, commented, “It is our stated aim to have a more global footprint and participate in the good opportunities that emerging markets bring. The Indian market is particularly attractive showing high growth levels and the transaction firmly establishes Recipharm’s emerging market strategy. Nitin can also be used as a platform for entry into other regions. We are fortunate to have found such a high quality business and management and we are looking forward to utilising this opportunity to support our current customers’ strategy in the Indian domestic market.”
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Dr Chetan Sobti, CEO of Nitin said: “I am very much looking forward to this partnership with Recipharm. We have grown tremendously in the domestic market, attracting new multinational customers by offering high quality and service. We believe that with the support and network of Recipharm, we shall be able to further expand and continue to grow both domestically and outside the Indian market”.
Nitin Lifesciences has emerged as one of the largest small volume parenteral manufacturers in India and is engaged in contract manufacturing to major Indian and international pharmaceutical companies. Headquartered at Karnal (Haryana), Nitin Lifesciences has three modern facilities for small volume parenterals located at Karnal and Paonta Sahib (Himachal Pradesh).
Nitin Lifesciences specialises in manufacturing liquid ampoules, liquid vials, sterile dry powder (beta lactam & non beta lactam), multidose eye/ear drops and lyophilized vials covering more than 200 formulations across various therapeutic areas including antibiotics, anti-malarial, NSAIDs, anti-inflammatory and local anesthetics.
For the 12 month period ending August 2015, Nitin reported sales of Rs 316.9 crore and an EBITDA of Rs 73.2 crore corresponding to an EBITDA margin of 23.1 %. Nitin Lifesciences is essentially debt free.