Strides Pharma Science to acquire Endo’s manufacturing plant and ANDAs
Strides Pharma Science Limited will acquire the manufacturing facility of Endo International in Chestnut Ridge, New York along with a portfolio of abbreviated new drug applications (ANDAs) for nearly $24 million.
The Indian pharma company said that the deal will help it further strengthen its footprint in the US, courtesy of the multi dosage facility and the ANDAs that cut across various therapeutic segments.
The multi dosage plant at Chestnut Ridge has an annual capacity of two billion units across semi-solids, nasal sprays, liquids, and oral solids. It is also registered with the Drug Enforcement Administration (DEA), which allows it to manufacture controlled substances.
Strides Pharma Science said that the Chestnut RidChestnut Ridge, New York facility has similar capabilities compared to its flagship facility at Bengaluru, thereby helping the company to further de-risk its manufacturing presence.
The Indian pharma company said that the acquired portfolio has 20 commercial products and a range of dormant ANDAs for expediting its new launch strategy for US markets with five to six new product rolls out per quarter.
Dr. R. Ananthanarayanan — Managing Director and CEO of Strides Pharma Science said: “We believe with the combined product portfolio, experienced management team, established frontend and a diversified manufacturing footprint we have created a strong foundation to achieve our previously stated growth ambition for the market.
“On completion of the transaction, our immediate focus will be on seamless integration of people and the acquired assets onto Strides platform.”
The deal, which is subject to customary closing conditions, is expected to close this year.