Latest News | Gland Pharma to Fully Acquire Europe-based Cenexi
Get latest articles and stories on Latest News at LatestLY. Drug firm Gland Pharma on Friday said it has inked a pact with FPCI Sino French Midcap Fund to acquire 100 per cent stake in Europe-based Cenexi Group.
New Delhi, Jan 6 (PTI) Drug firm Gland Pharma on Friday said it has inked a pact with FPCI Sino French Midcap Fund to acquire 100 per cent stake in Europe-based Cenexi Group.
Gland Pharma International PTE, a Singapore-based wholly owned subsidiary of the company, has entered into a share purchase agreement with FPCI Sino French Midcap Fund to fully acquire stake in Cenexi pursuant to the terms of the put option agreement inked in November last year.
Also Read | Climate Change: Two Out of Three Glaciers Could Be Lost by 2100, Says Study.
On November 29, 2022, the Hyderabad-based drug contract development and manufacturing company (CDMO) had entered into a put option agreement to acquire Cenexi Group for up to EUR 120 million (around Rs 1,015 crore), marking its foray into the international markets.
Under the put option, an entity gets the right not obligation to sell a specified amount or stake at a predetermined price.
Founded in 2004, Cenexi, along with its subsidiaries, is engaged primarily in the business of contract development and manufacturing organisation (CDMO) of pharmaceutical products with expertise in sterile liquid and lyophilized fill-finished drugs, including capabilities on oncology and complex products.
It has a presence across four manufacturing sites in Europe which include three sites in France and one site in Belgium.
The company, which employs 1,372 people, has experience in processing specific substances like hormones, suspensions and controlled substances.
Its revenue for the 2021 calendar year stood at EUR 184.1 million.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)