Indian Pharmaceutical Manufacturer Acquires Florida Plant
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.
Strides acquired
the manufacturing facility under an asset purchase agreement
with Micelle Biopharma, Inc.
for a consideration of $0.5 million and
will invest up to $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.
Acquisition of U.S. Generics Company by Indian Pharmaceutical Manufacturer
Kegler Brown Hill + Ritter served as
buy-side counsel for India-based Strides Pharma, Inc., in its acquisition of U.S.-based
generics company Vensun Pharmaceuticals, Inc., represented by Goodwin Procter
LLP.
Strides benefits from Vensun’s
strategic focus on niche ANDAs, and its portfolio of 16 commercialized ANDAs,
four of which are partnered with Strides and constitute a significant part of
Vensun’s current revenues of $~17 million.
Vensun’s portfolio also
comprises an additional 13 filed ANDAs, which includes Strides Competitive
Generic Therapy (CGT) designated product with a $400 million market
opportunity. The company also has a development pipeline with two other
partners for ten products.
