Strides acquires Polish facility

Strides Arcolab, Bangalore-based specialty pharmaceuticals company with a presence in generics, OTC and nutraceuticals has acquired a sterile manufacturing facility in Poland for $8 million.

A decision to this effect was approved at company's board meeting on Friday.The Polish facility specialises in small volume parenterals and in steriles and non-sterile semi solids.

The proposal for acquisition of the facility in Poland is subject to satisfactory legal and financial due diligence, said Arun Kumar, Group CEO, Strides Arcolab Limited.

"The facility at Poland represents an opportunity for the company to establish a manufacturing presence in central Europe as well as to expand its portfolio and business of finished forms. The Polish facility will give easier access to Europe at a low operating cost," he added.

Further, Strides also plans to acquire up to a 70 per cent stake in Beltapharm, a company operating in the semi solids space.

Beltapharm, established in 1982 and headquartered in Milan, Italy, specialises in the production of liquids and semi-solids. The outflow for acquisition of a 70 per cent stake in Beltapharm is expected to be in the order of Euro 1.60 million. Beltapharm has refocussed its attention to European opportunities and has recently received an EU GMP approval.

"The proposed acquisition of 70 per cent stake in Beltapharm represents an opportunity for us to expand business in the European markets and will substantially facilitate the company to meet its manufacturing commitments arising out of the development and manufacturing contracts concluded in the recent past in the semi solids space," added Arun Kumar.