Drugmaker Cadila Healthcare Ltd, which operates under the Zydus Cadila brand, has agreed to acquire a 51% stake in pharmaceuticals company Windlas Healthcare Pvt. Ltd for Rs 155.5 crore ($22.2 million).
The acquisition will help the company expand its pharmaceutical manufacturing footprint, Cadila said in a stock market disclosure.
Windlas Healthcare is led by Ashok Windlass and his sons Hitesh and Manoj. It is a subsidiary of Windlas Biotech Pvt. Ltd, which is backed by private equity firm Tano Capital.
Tano had invested $12.96 million in Windlas Biotech in 2015, according to VCCEdge, the data research platform of News Corp VCCircle.
Windlas Healthcare, which was set up in February 2010, develops and market pharmaceutical products and formulations.
The company clocked revenue of Rs 33.31 crore in the year ended 31 March 2018 compared with Rs 27.67 crore and Rs 29.12 crore in 2016-17 and 2015-16, respectively. It recorded a net profit of Rs 5.37 crore in the last financial year.
Cadila develops, makes and sells small molecule drugs, biologic therapeutics, vaccines, bulk drugs, animal healthcare and wellness products.
The Ahmedabad-based company has 17 facilities for formulations, four for bulk drugs, three for vaccines, three for biologics, three for consumer wellness and two for animal health across India, the US, Brazil and Germany.
Cadila has been making acquisitions over the past years, both in India and overseas, as pharmaceutical companies continue to stitch strategic deals.
Last year, it bought US-based specialty pharmaceuticals company Sentynl Therapeutics Inc for an undisclosed amount. It also acquired six brands from global drug giant Merck to strengthen its portfolio in the therapeutic segment.