Thursday, August 1, 2013

Vivimed Acquires A US FDA Approved Formulation Manufacturing Facility

Vivimed Labs Ltd., manufacturer of specialty chemicals and pharmaceuticals, announced the signing of an agreement to acquire Actavis Pharma Manufacturing Pvt. Ltd.'s solid oral dosage facility in Alathur in Tamil Nadu for an aggregate consideration of Rs.122 crore.

The facility is being acquired from its parent Actavis Holding Asia B.V., an affiliate of Actavis Inc., a leading global general and specialty pharmaceutical company.

This acquisition is strategically attractive given it provides Vivimed with immediate finished dosage formulations access to the US, the largest generics market in the world. In addition, this US FDA approved facility is a natural extension for Vivimed's manufacturing platform which currently only caters to the FEF semi-regulated markets.

Commence on these developments, Managing Director and CEO Santosh Varalwar said, "This acquisition is particularly important given it provides our finished dosage formulation manufacturing platform with a US FDA approved facility and immediate access the regulated markets. There are also compelling forward integration synergies for Vivimed's existing API business and formulations dossier development activities. Along with the facility, we have acquired to commercially valuable and marketable ANDAs which we believe, will allow us to generate additional revenues. We re also entering into a contract manufacturing agreement with the Actavis Group for a defined period which will also be a source of revenue for us. The transaction has been structure attractively at a low net cash consideration for Vivimed."

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