Aurobindo gives more info on injectables rejig and ingredient M&As
The plans – which were detalied in a new filing on the Bombay Stock Exchange – will see Aurobindo buy active pharmaceutical ingredient (API) firm Hyacinths Pharma and carbapenem maker Silicon Life Sciences (SLS) outright.
The takeovers - financial terms of which were not disclosed - will expand Aurobino’s network of manufacturing facilities with plants in Srikakulam and Vishakapatnam, in the Southern Indian state of Andhra Pradesh.
The Hyacinths’ plant – which is on a 52 acre site in Srikakulam - has not yet begun manufacturing but has been approved to do so but the Indian authorities according to Aurobindo, which also cited the facility's proximity to one of its existing factories in Pydibhimavaram as a plus.
“The location of the land is strategically ideal and convenient for expansion plans of the company [Aurobindo] in future” the firm said in its filing, adding that post acquisition Hyacinths will operate as a wholly owned subsidiary.
The SLS site is operational and has been supplying another Aurobindo subsidiary – Gurgaon, Haryana-based Auronext Pharma – since the firm was established in a joint venture between Aurobindo, Trident Chemphar and various other investors in 2008.
Injectables changes
Aurobindo also used the new filing to give more details of its plans to rejig its injectables business, which were announced in a separate BSE filing on August 10.
The contract manufacturing organisation (CMO) said it will transfer control of its ophthalmic injectables unit in Hyderabad – which was granted US Food and Drug Administration (FDA) approval to make generic ondansentron last December - to a new wholly-owned subsidiary – Curepro Parenterals – it plans to establish.
Aurobindo said that the move will “strengthen and provide focused growth to the injectables business.”
The latest filing does not mention the CMOs previously announced intention to buy a 60% stake in a hormone and cancer drug making plant being built buy Celeon Laboratories for INR156m ($2.4m).
The Aurobindo subcommittee charges with reviewing the firm’s injectables business has 60 days from August 10 to put together a full plan.
