Drug firm Torrent Pharmaceuticals today said it has acquired US-based generic pharmaceuticals and OTC firm Bio-Pharm Inc for an undisclosed amount.
To date, Bio-Pharm Inc has 10 approved abbreviated new drug applications (ANDAs) and 10 ANDAs under review at the United States Food and Drug Administration (USFDA) for itself and it's partners, Torrent Pharmaceuticals said in a filing.
The company also has an additional 17 products under development, it added.
"Torrent plans further investments to expand the Bio- Pharm Inc (BPI) facilities including R&D capabilities and will increase the number of product filings from BPI," Ahmedabad based firm said.
This acquisition is an important step for increasing company's presence in the United States and is consistent with its strategy of dosage form diversification, and provides it with new capabilities including manufacturing and R&D presence in the US, Torrent Pharmaceuticals said.
Shares of Torrent Pharmaceuticals today closed at Rs 1,424.25 per scrip on BSE, up 1.63 per cent from its previous close.
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