Bionpharma, a New Jersey-based pharmaceutical startup founded by former Ranbaxy executives, has bought 25 products from Banner Life Sciences, a division of US-based Patheon, The Economic Times reported.
The acquired products, which include cetirizine and ibuprofen and sold over the counter in the US, together generate revenues of $70 million.
Bionpharma was founded in November 2014 by five senior executives , including CEO Venkat Krishnan, of Ranbaxy Laboratories’ US arm. The company was formed to offer services for Indian and European drug makers seeking to enter the US.
Currently, New York-based global investment firm Signet Healthcare owns more than 40 per cent in Bionpharma. Canadian drugmaker Pharmascience is the second-largest equity holder while the five former Ranbaxy executives form the third-largest group of shareholders.
The launch of Bionpharma came after India’s top drugmaker Sun Pharmaceutical Industries announced last year that it will acquire Ranbaxy Laboratories. The deal worth $3.2 billion was completed in March 2015.