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Generic injectables maker Gland Pharma Ltd on Tuesday said it will buy French pharmaceutical firm Cenexi for 120 million euros (approximately 1,015 crore) as it looks to expand its presence in the European markets.

The pharma company's wholly-owned Singapore-based unit Gland Pharma International PTE has entered into a 'Put Option Agreement' to buy 100% of Cenexi Group for an equity value not exceeding EUR 120 million, the firm said in a filing.

Under the put option, an entity gets the right not obligation to sell a specified amont or stake at a predetermined price.

Founded in 2004, Cenexi, along with its subsidiaries, is engaged primarily in the business of contract development and manufacturing organisation (CDMO) of pharmaceutical products with expertise in sterile liquid and lyophilized fill-finished drugs, including capabilities on oncology and complex products.

The firm has presence across four manufacturing sites in Europe including three sites in France and one site in Belgium.

The company, which employs 1,372 staff, has experience in processing specific substances like hormones, suspensions and controlled substances.

Its revenue for the 2021 calendar year came in at EUR 184.1 million.

Gland Pharma MD & CEO Srinivas Sadu said, "This proposed acquisition would be Gland Pharma's first international acquisition, and it would perfectly support our goal of deepening access into the European markets. This acquisition would help expand our global presence and further solidify our identity as an injectable focused CDMO company."

Cenexi CEO Christophe Durand said the combination of Cenexi with Gland Pharma will support their long-term strategy of becoming a top European sterile player and help drive the next phase of growth and international expansion.

“We are very enthusiastic about combining our two organizations: the enhanced scale, compelling commercial synergies and geographic complementarity would drive significant added-value to customers," Durand stated.

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