Torrent Pharma to buy US-based Bio-Pharm
Ahmedabad: Ahmedabad-based Torrent Pharmaceuticals Ltd on Thursday announced the acquisition of Bio-Pharm Inc., a drugmaker based in Pennsylvania, US. The company did not disclose the deal size or other financial details.
“This acquisition is an important step for increasing Torrent’s presence in the United States, is consistent with our strategy of dosage form diversification, and provides us with new capabilities including manufacturing and R&D presence in the USA,” Torrent said in a media statement.
Established in 1992, Bio-Pharm, a generic pharmaceuticals and over-the-counter (OTC) drugs company, has a proven track record in the research and development and manufacturing of oral solutions, suspensions and suppositories, it said. Its 75,000 sq. ft US Food and Drug Administration (USFDA) registered facility has manufacturing capabilities for controlled substances which can be manufactured in the US only as per government guidelines, the statement said.
To date, Bio-Pharm has 10 approved Abbreviated New Drug Applications (ANDAs), 10 ANDAs under review at the FDA for itself and its partners and has an additional 17 products under development.
Torrent plans further investments to expand Bio-Pharm’s facilities including R&D capabilities and will increase the number of its product filings, the company said on Thursday.
With an annual revenue of more than Rs5,800 crore, Torrent Pharma is the flagship company of the Rs18,300 crore Torrent Group. In November last year, the company had announced its plans to acquire the branded business of Unichem Laboratories Ltd in India and Nepal for Rs3,600 crore.
The Unichem deal marked Torrent Pharmaceuticals’ fifth acquisition in India. It had acquired selected brands of Elder Pharmaceuticals Ltd and Novartis India Ltd, as well as manufacturing plants from Zyg Pharma Pvt. Ltd and Glochem Industries Ltd in the last four years.