 "Marksans Pharma's facility in Goa")
Drug firm Marksans Pharma on Tuesday said it has inked a pact with Tevapharm India to acquire its Goa-based bulk pharmaceutical formulations business.
The company has entered into a business transfer agreement with Tevapharm to acquire its business relating to the manufacture and supply of bulk pharmaceutical formulations as a going concern on a slump sale basis.
The drug firm has agreed to retain the site employees with existing terms of employment, Marksans Pharma said in a regulatory filing.
The transaction is in cash consideration and expected to be finalised by April 1, 2023, subject to the closing conditions, it said, but did not specify the deal value.
Teva's affiliate Watson Pharma will continue to own and operate Tevapharm's other manufacturing site at Verna, Goa, the drug firm added.
Marksans will continue to supply Teva's affiliates with certain products until the end of FY23 as part of the agreement, which can be extended further with mutual agreement, it said.
More From This Section
"The acquisition has potential to significantly expand our manufacturing capability and accelerate our core growth strategy. It will supplement our innovative product portfolio, as we plan to begin manufacturing of creams, ointments, etc. in India," Marksans Pharma Promoter and Managing Director Mark Saldanha said.
The company is confident that this acquisition will lead to a transformational growth journey unlocking further value for shareholders, he added.
With the acquisition, the company plans to double the existing domestic capacity.
Marksans plans to manufacture tablets, hard and soft gel capsules, ointments, gummies and creams from the new capacity.
The company currently has three manufacturing sites in Southport (UK), Farmingdale (US) and Goa (India).
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
