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Drug maker Marksans Pharma today acquired US-based Time-Cap Laboratories for an undisclosed amount.
The acquisition was done through its wholly-owned subsidiary, Marksans Pharma.
, With this move, the company is strategically increasing its presence in the US market the largest pharmaceutical market in the world, Marksans Pharma said in a filing to BSE.
New York-based Time-Cap is a manufacturer and marketer of solid dose generic pharmaceuticals, including private label over-the-counter medications, generic prescription drugs and nutritional supplements, it said.
The company manufactures over 50 unique products from its New York facility, including tablets, caplets, capsules and pellets.
Time-Cap's average annual revenue over the past four years is in excess of USD 30 million per annum, and it achieved an average annual adjusted EBITDA of approximately USD 4 million, it said, adding, the company currently has no debt.
Marksans Pharma was trading at Rs 63.50 on BSE, up 8.09 per cent, in the morning trade.
