Eurolife Healthcare Pvt Ltd, a homegrown speciality pharmaceuticals company, on Thursday said it has taken over Isreal-based Teva's intravenous infusion (IV) unit in Hungary, for an undisclosed amount.
The Mumbai-based firm also planned to further invest €50 million for expansion of its operations into the European and US markets. The latest acquisition, it claimed, would make Eurolife the first Indian firm in the IV business to set up manufacturing operations abroad.
“Eurolife Healthcare will invest €50 million over the next three years to build one of the single largest IV plants in the world at this location," said Sandeep Toshniwal, chief executive officer of Eurolife Healthcare Pvt. Ltd.
“The takeover of TEVA’s Infusion plant, gives us a distinct competitive advantage and will help us emerge as the leading international player in the category. This acquisition will also help us tap and service our EU and USA markets for IVs in a better way," he added.
Founded in 2001, the pharma company manufactures and distributes a portfolio of healthcare formulations, intravenous infusions, ophthalmics, sterilized water for injections, nebules, tablets, capsules, ointment and creams. In 2018, the brand claimed it had acquired the top position in India for IV fluids.
The firm acquired American multinational company Baxter’s India operations in 2017 to strengthen its presence in the domestic and global markets. It has manufacturing plants in different parts of the country, including Roorkee, Waluj and Alathur. Eurolife's team covers about 12,000 hospitals and nursing homes in the country annually, it said.