City-based Strides Pharma Science Limited (Strides) on Friday said its wholly-owned subsidiaries have entered into definitive agreements with subsidiaries of Endo International plc (Endo) to acquire its manufacturing facility at Chestnut Ridge, New York, for $ 24 million.
The new portfolio has 20 commercial products and a basket of dormant ANDAs (abbreviated new drug applications) that are expected to fast track Strides’ new product launch strategy for US markets, as per the communique.
The cumulative addressable market for the acquired portfolio was $4.7 billion as of May 2021, said the company.
The transaction, which is expected to close in CY2021, would be financed by a combination of internal accruals and debt financing.
The Endo facility at Chestnut Ridge has an annual capacity of 2 billion units across semi-solids, liquids, nasal sprays along oral solids.
``This site mirrors the capabilities of our flagship facility at Bengaluru and will help further de-risk our manufacturing footprint,’’ Strides further said.
Dr. R.Ananthanarayanan, Managing Director & CEO, Strides said, “Over the last few years our US business has witnessed a healthy growth momentum and has now attained a critical scale. The acquisition announced today is a strategic fit for the business and will help further accelerate our growth momentum for the US market.’’
With this acquisition, Strides would have doubled its US portfolio with the potential to launch 5-6 new products each quarter going forward.
``On completion of the transaction, our immediate focus will be on seamless integration of people and the acquired assets onto Strides platform,’’ he added
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