Bafna Pharmaceuticals is reportedly close to acquiring a company in the UK having approvals to sell generic drugs, in a bid to augment its presence in the highly-regulated British market. Pharma company already has approvals from authorities to sell 11 molecules in the UK and the target company's kitty of 96 molecules will help Bafna immensely.
Bafna, has already sounded people for raising debt and equity infusion through the private equity route to complete the acquisition. Company also aims to reduce the share of low-margins contract manufacturing and generic drugs production in its overall business portfolio and is all set to launch a brand in the lifestyle-related products segment in August. The company plans to manufacture the products at a new manufacturing facility which went onstream recently.