Akums Drugs and Pharmaceuticals gained 3.04% to Rs 616.10 after it entered into an agreement with one of leading global pharma company for manufacture and supply of selected pharmaceutical formulations in European Market.
The agreement is in line with Akums growth objective of expanding in European and other regulated markets. The commercial supply of these products from Akums will commence in 2027 till 2032.Akums group will also initiate European approvals of its oral liquid site which it intends to leverage to manufacture these products. The approval of the site and the product dossiers is expected to be received by 2026.
Akums already has 2 of its sites (injectable and oral solids) approved by European Regulators. The composite value of the agreement is approximately Euro 200 million (Rs 1,760 crore approx).
Akums group, against this agreement, will receive an upfront payment for product development and site approval from European authorities. The project has been secured with an upfront payment of Euro 100 million (Rs 880 crore).
Sanjeev Jain, managing director (MD) of Akums added It gives us immense pleasure to enter in a strategic collaboration to manufacture and supply a globally renowned brand for one of the largest multinational pharma company. This opens doors for us to further expand our footprints in regulated markets and replicate the domestic CDMO success globally.
Sandeep Jain, MD of Akums added These products are currently being manufactured in Europe. Manufacturing these products in India opens further collaboration opportunities with other global pharma companies to optimize their manufacturing costs and make their supply chain robust. This association is the testimony of our manufacturing excellence and our world class R&D capabilities. With this, we will add one more dosage form in our portfolio, can be offered in European market. Akums already has European approved facility for tablets, hard gelatin capsules, sachets, ampoules, vials, eye-drops and dry powder injection.
Also Read
Akums Drugs and Pharmaceuticals is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.
The pharma company consolidated net profit spiked 104.96% to Rs 65.20 crore despite of 12.54% declined in revenue from operations to Rs 1,033.1 crore in Q2 FY25 over Q2 FY24.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content