Strides Pharma Science Limited (Strides) announced that its wholly owned subsidiaries have entered into definitive agreements with subsidiaries of Endo International plc (Endo) to acquire its manufacturing facility at Chestnut Ridge, New York and a basket of ANDAs.
The proposed acquisition will further bolster Strides US presence through acquisition of a multi dosage facility in the US and a basket of ANDAs cutting across multiple therapeutic segments. The cumulative addressable market for the acquired portfolio is US$4.7bn (IQVIA MAT May 2021), the company said in its release.
“Considering the COVID-19 disruptions, this facility being in the US will enable us to mitigate supply chain related bottleneck and will drive logistics related synergies for the US business,” the company added.
Commenting on the development, Dr. R. Ananthanarayanan, Managing Director & CEO, remarked “Over the last few years our US business has witnessed a healthy growth momentum and has now attained a critical scale. The acquisition we have announced today is a very good strategic fit for the business and will help further accelerate our growth momentum for the US market. With this acquisition we have doubled our US portfolio with a potential to launch 5-6 new products each quarter going forward. We believe with the combined product portfolio, experienced management team, established frontend and a diversified manufacturing footprint we have created a strong foundation to achieve our previously stated growth ambition for the market. On completion of the transaction, our immediate focus will be on seamless integration of people and the acquired assets onto Strides platform.”
Strides is a global pharmaceutical company headquartered in Bengaluru, India. The Company’s global manufacturing sites are located in India (Chennai, Puducherry and two locations in Bengaluru), Singapore, Italy (Milan), Kenya (Nairobi) and the United States (Florida).
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