Gland Pharma enters agreement to acquire 100% of Cenexi Group

30 Nov 2022 , 09:15 AM

Gland Pharma Limited announced that its wholly-owned subsidiary Gland Pharma International PTE. Ltd, Singapore, has entered into a Put Option Agreement to acquire a 100% stake in Cenexi Group for an equity value not exceeding Euro 120 million (approx. Rs101.36 crore).

Cenexi Group engages in the business of Contract Development & Manufacturing Organisation (CDMO) of pharmaceutical products. It has expertise in sterile liquid and lyophilized fill finished drugs, including capabilities in oncology and complex products.

The company runs four manufacturing sites in Europe, including one site in France and one site in Belgium. It has vast experience in the processing of specific substances like hormones, suspensions, and controlled substances.

Gland Pharma strategically focuses on expanding its CDMO offerings in the European market and building a manufacturing presence. With this acquisition, Gland Pharma will have access to leading know-how and development capabilities in sterile forms including ophthalmic gel, needleless injectors, and hormones.

The proposed acquisition remains subject to receipt of necessary regulatory approvals and satisfaction of certain conditions, said the company in its press release.

At around 9.18 AM, Gland Pharma was trading 2.35% lower at Rs1,833.75 per piece, against previous close of Rs1,877.95 on NSE.

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