Drugmaker Hetero has acquired a manufacturing plant of Johnson & Johnson in Penjerla, Telangana, and with it, announced plans to invest $75 million (around ₹600 crore) on the facility.
Sources said Hetero has acquired the facility for ₹130 crore. Hetero said the plant, spread across 55.27 acres, is set to emerge as its flagship sterile pharmaceutical and biologics manufacturing unit. “We are committed to an investment upwards of $75 million to upgrade and enhance existing facilities at the site and expand manufacturing of our global biologics and sterile pharmaceutical products,” managing director Vamsi Krishna Bandi said in a release.
With this facility, Hetero aims to add 2,000 new jobs in biochemistry, pharmaceutical sciences, molecular biosciences, engineering, and ancillary services. The acquisition reinforces Hetero’s renewed commitment to expand reach and capabilities in order to respond with agility to the world’s evolving health needs and produce high-quality and affordable medicines, the company said.
PwC acted as the exclusive financial advisor to Hetero on the acquisition of the Penjerla manufacturing facility together with the land, plant and machinery in a slump sale from Johnson & Johnson, it said.