Aurobindo Pharma Acquires Portuguese Co

Read Time: 2 minutes

Hyd-based Aurobindo pharma giant Aurobindo Pharma has kicked off the new year with a mega deal, snapping up a Portuguese pharma player Generis Farmaceutica SA from Magnum Capital Partners for a whopping Euro 135 million (Rs 969.3 crore approximately).

This deal comes over two months after Aurobindo lost the bid for Teva’s UK & Ireland assets to Ahmedabad-based Intas Pharmaceuticals, which bagged the deal for $764 million (Rs 5,085 crore approx).

“The company has signed a binding agreement through its wholly owned step-down subsidiary , Agile Pharma BV Netherlands, to acquire Generis Farmaceutica SA from Magnum Capital Partners,” the company informed the bourses on Saturday . The transaction is a conditional one as it will be closed only after obtaining necessary approvals from the Portuguese authorities. The company hopes to complete the transaction by February 2017. The acquisition includes the manufacturing facility in Amadora, Portugal, that has a capacity to manufacture 1.2 billion tablets capsulessachets annually .

According to the company, this deal will help it consolidate its footprint in Portugal. Generis has a wide portfolio of products in therapeutic areas such as cardiovascular, anti-infective and genito-urinary system medicines, among others.

Aurobindo estimates that the net sales for the acquired business will be approximately Euro 72 million in 2017 as compared to Euro 64.8 million in 2016. Aurobindo Pharma senior vice-president (European operations) V Muralidharan said the combined entity will benefit from a robust pipeline covering all major molecules going off-patent in the next five years.

Generis CEO Paulo Lilaia said, “Generis will benefit immensely from Aurobindo’s vertical integration and strong product pipeline. Our large portfolio along with our unmatched commercial presence in Portugal will allow Aurobindo to consolidate its market position.”

 

While Campos Ferreira, Sa Carneiro & Associates, Portugal acted as the legal advisers and Grant Thornton India LLP acted as the fi nancial due diligence advisor to Aurobindo Pharma for the deal, Jefferies International acted as the financial advisor and Garrigues acted as the legal advisor to Magnum Capital Partners.

 

Aurobindo has been steadily expanding its footprint across Europe and in 2014, it acquired NYSE-listed Actavis Plc’s commercial operations in seven western European countries.

 

In another development, Aurobindo Pharma on Saturday informed the bourses that it has received the United States Food and Drug Administration (USFDA) nod to manufacture and market Levetiracetam in Sodium Chloride injection.

Google Ads

Be the first to comment

Leave a Reply

Your email address will not be published.


*