| Log in

US-based Perrigo acquiring 15% stake held by local partners in Indian arm

19 November, 2013

US-based OTC and generic pharmaceutical maker Perrigo Company is investing Rs 130 crore in its local arm to raise its stake to 100 per cent by acquiring the stake held by its local partner besides fresh infusion of capital into the company.

NASDAQ-listed Perrigo Company established its manufacturing presence in India when it acquired 85 per cent stake in Mumbai-based Vedants Drugs and Fine Chemicals for $12 million in 2009. Vedants, which started in 2004, is promoted by Piyush Maheshwari, owner of Vedant Dyestuff and Intermediates. 

The company since then has been rebranded and has been operating as Perrigo API India. With manufacturing capabilities of 450 MT per year, this site is a key supplier of active pharmaceutical ingredients (APIs) for Perrigo worldwide.

Perrigo also has a finished dosage form its consumer healthcare R&D site in India. This includes laboratory testing, supplier quality audits and global sourcing for the business units of Perrigo worldwide. Though this is a new facility, the centre was established in 2003. 

The firm has received an approval from Foreign Investment Promotion Board (FIPB), the nodal body monitoring foreign investment in the country, to make the Indian arm a wholly owned subsidiary.

Perrigo API India is part of 20 proposals approved by government of India for FDI. According to a release by the government, the total FDI approval to these companies amounts to Rs 915.8 crore.

(Edited by Joby Puthuparampil Johnson)


Leave Your Comment
Strides Shasun to acquire Perrigo API India for $14.8 mn

Strides Shasun to acquire Perrigo API India for $14.8 mn

Ranjani R 1 year ago
Drugmaker Strides Shasun Ltd said on Friday it has agreed to acquire Perrigo API...
OrbiMed To Pick 12% In Shasun Pharmaceuticals For $10M

OrbiMed To Pick 12% In Shasun Pharmaceuticals For $10M

TEAM VCC 6 years ago
OrbiMed Advisors, one of the world’s largest healthcare-dedicated investment...
PE-backed Vivimed buys Hyderabad-based Finoso Pharma for $2.8M

PE-backed Vivimed buys Hyderabad-based Finoso Pharma for $2.8M

Lohit Jagwani 5 years ago
Public listed Vivimed Labs has acquired Hyderabad-based Finoso Pharma Pvt Ltd in...
No Comments

US-based Perrigo acquiring 15% stake held by local partners in Indian arm

Powered by WordPress.com VIP