Piramal Enterprises (PEL) rose 1.04% to Rs 1,176.05 after the company announced acquisition of solid oral dosage drug product facility in the US from G&W Laboratories Inc.
PEL's pharma solutions business has entered into a pact with G&W Laboratories Inc. to acquire its solid oral dosage drug product manufacturing facility located in Sellersville, Pennsylvania. PEL, through one of its affiliates, would acquire at closing a 100% stake in the entity that operates the facility and owns the related real estate."This acquisition broadens the offering of Piramal Pharma Solutions (PPS) by adding solid oral dosage form capabilities (tablets and capsules) in North America," PEL said in a statement.
The Sellersville site can also produce liquids, creams, and ointments, further expanding the PPS portfolio. The site also can support product and process development for solid oral dosage and oral liquids, including immediate release, modified release, chewable & sublingual solid oral dosage forms, solutions and suspensions in liquids, the company said.
The Sellersville site covers 31.5 acres of land with over 221,000 square feet of manufacturing space, including 195,000 square feet of GMP area. The site has received certifications from the FDA and EMA.
Currently, PPS' capabilities in solid oral dosage forms are all located in the UK and India. The announcement was made on Saturday, 20 June 2020.
Also Read
In a separate announcement, PEL said its administrative committee of the board of directors will meet on Tuesday, 23 June 2020, to consider issuing secured, rated, unlisted non-convertible debentures on private placement basis amounting up to Rs 2,700 crore.
On a consolidated basis, PEL reported net loss of Rs 1,702.59 crore in Q4 March 2020 as compared with a net profit of Rs 454.63 crore in Q4 March 2019. Net sales fell 2% to Rs 3,341 crore in Q4 March 2020 over Q4 March 2019.
PEL is one of India's largest diversified companies, with a presence in financial services, pharmaceuticals and healthcare insights & analytics.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
