Recipharm completes acquisition of majority stake in Nitin Lifesciences

By Gareth Macdonald contact

- Last updated on GMT

iStock/Ruskpp
iStock/Ruskpp

Related tags: Vice president

Recipharm has completed the acquisition of a majority stake in India’s Nitin Lifesciences in a deal the Swedish contractor says strengthens its presence in an important market.

Plans for the transaction – which saw Recipharm pay SEK824m ($101m) for a 74% stake in Nitin – were announced last October​ when executive vice president Mark Quick told us the fast growing Indian market is attractive to the CMO’s customers.

Recipharm paid for its Nitin stake partly through a fundraising round conducted in January that saw it issue 2,250,000 shares and raise a total of SEK276m.

CEO Thomas Eldred reiterated the CMOs interest in the Indian market, describing the completion of the deal as “an important step in the development of both companies​.”

Injectables

In addition to expanding Recipharm’s global reach, the deal also strengthens the CMOs capabilities in sterile injectables and lyophilization he said.

The deal is part of the growth strategy Recipharma adopted when it went public in June 2014​.

Since then the CMO has bought Italian firm Corvette​ and Portuguese contractor Lusomedicamenta​.

It has also bought a plant in France from Flamel Technologies​, invested in chemistry specialist Synthonics​, acquired a stake in Pharmanest​ and is set to buy a manufacturing facility from Alcon​.

Related news

Show more

Related products

show more

Flexible Filling Solution for CMOs

Flexible Filling Solution for CMOs

Single Use Support GmBH | 18-May-2022 | Insight Guide

Achieving flexibility requires modularity of technologies.

CMOs and CDMOs aspire to be flexible for multiple applications. Efficient automated...

Eastern & Western Manufacturing Solutions

Eastern & Western Manufacturing Solutions

Piramal Pharma Solutions | 15-Mar-2022 | Technical / White Paper

The best manufacturing site for a product can change throughout the life cycle. When bringing new drugs to market, biopharma companies may benefit from...

Related suppliers

Follow us

Products

View more

Webinars