India-Based Pharma Company Acquires U.S. Manufacturing FacilitySeptember 16, 2019
Kegler Brown Hill + Ritter assisted India-based Strides Pharma, Inc., in the acquisition of an FDA- approved manufacturing facility in Florida.
Located in Riviera Beach, Florida, it is the only FDA-approved facility in the U.S. to have integrated manufacturing-packaging capabilities for soft gel capsules.
“Acquiring their first location in the U.S. will benefit Strides in production, regulation, and other areas,” said Aaron Weir of Kegler Brown’s M+A Practice. “This new facility will allow them to continue growing their business in the U.S. and bring new products to market.”
"Working with Strides to help expand their global presence is an ongoing privilege,” added Vinita Mehra, chair of Kegler Brown’s Global Business practice. “Molly Werhan and the rest of the team did an exceptional job navigating complex issues to help guide this deal to close.”
From Strides’ Press Release:
Bangalore, India, August 27, 2019 ‐ Strides Pharma Science Limited (Strides) today announced that its step down subsidiary Strides Pharma Inc. (SPI) has acquired a USFDA (FDA) approved manufacturing facility in Florida, US from Micelle BioPharma, Inc.
Micelle’s facility is based in Riviera Beach, Florida and is one of the very few manufacturing facilities in the US with a soft gel capsule (SGC) manufacturing suite for formulations with containment needs. It is also the only FDA approved integrated manufacturing‐packaging SGC facility in the US. The site has undergone several successful FDA inspections and has no outstanding FDA observations.
SPI has acquired the manufacturing facility under an asset purchase agreement with Micelle Biopharma, Inc. for a consideration of US$0.5 Million and will invest up to US$10 Million to build incremental capabilities and add additional dosage formats. With the addition of the Florida site, Strides now has eight formulation sites globally catering to the regulated and emerging markets.
Strides, listed on the BSE Limited (532531) and National Stock Exchange of India Limited (STAR), is a global pharmaceutical company headquartered in Bangalore, India. The Company mainly operates in the regulated markets and has an “in Africa for Africa” strategy along with an institutional business to service donor-funded markets. The Company’s global manufacturing sites are located in India- Bangalore (two sites), Pondicherry, and Chennai, Singapore, Italy- Milan, Kenya- Nairobi and United States- Florida. The Company focusses on “difficult to manufacture” products that are sold in over 100 countries. Additional information is available at the Company’s website at www.strides.com.