Business

Strides to buy Endo arms in U.S. for $24 mn

Strides Pharma Science Ltd. (Strides) on Friday said its wholly owned subsidiaries had entered into definitive agreements with subsidiaries of Endo International plc (Endo) to acquire its manufacturing facility at Chestnut Ridge, New York, for $24 million.

The new portfolio has 20 commercial products and a basket of dormant abbreviated new drug applications (ANDAs) that are expected to fast track Strides’ new product unveiling strategy for U.S. markets, the company said.

The cumulative addressable market for the acquired portfolio was $4.7 billion as of May 2021, Strides said.

The transaction, which is expected to close in CY2021, would be financed by a combination of internal accruals and debt financing.

The Endo facility at Chestnut Ridge has an annual capacity of 2 billion units across semi-solids, liquids, nasal sprays along oral solids.

“This site mirrors the capabilities of our flagship facility at Bengaluru and will help further de-risk our manufacturing footprint,” Strides further said.

Dr. R. Ananthanarayanan, MD & CEO, Strides said, “Over the last few years our U.S. business has witnessed a healthy growth momentum and has now attained a critical scale. The acquisition announced today is a strategic fit for the business and will help further accelerate our growth momentum for the U.S. market.”

With this acquisition, Strides would have doubled its U.S. portfolio with the potential to unveil 5-6 new products each quarter going forward.


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Printable version | Oct 24, 2021 8:38:32 PM | https://www.thehindu.com/business/strides-to-buy-endo-arms-in-us-for-24-mn/article35776107.ece

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