Marksans Pharma completes the acquisition from Tevapharm India, expanding the existing manufacturing capacity in India

Marksans Pharma Ltd. (NSE: MARKSANS; BSE:524404), one of the fastest-growing pharmaceutical companies in India, has completed the acquisition of a manufacturing site from Tevapharm India in Plot No. A1, Phase 1-A, Verna Industrial Estate, Verna, Goa 403722, India. The acquisition was first announced in October 2022.

With the completion of the acquisition, Marksans will start operating at the acquired facility. As a part of the agreement, Marksans will continue to supply existing products until the end of 2023 to Teva's affiliates, ensuring high-quality standards. The contract manufacturing agreement with Teva is to continue providing an uninterrupted supply of Teva's important medicines to customers and patients. Marksans has retained the transferring employees on terms materially similar to its current employment. Teva's adjoining Watson Pharma Private Limited's site is not part of the divestment with Marksans and witt remain with Teva.

The acquired facility will enable Marksans Pharma to potentially double the existing Indian capacity from 8bn units per annum currently. It is a scalable capacity to manufacture oral solid dosage forms. Marksans plans to manufacture tablets, hard and soft gel capsules, ointments, liquids, and creams, from the new capacity. The manufacturing site is spread across 47,597 square meters and has approvals to manufacture products from the EU, Health Canada & Japanese Health Authority.

Commenting on the acquisition, Mark Saldanha, Managing Director of the Company said "The completion of the manufacturing capacity from Tevapharm India is a significant milestone to strengthen our position as a leading low-cost manufacturer and to provide high-quality products to meet the growing demands of our customers. It will accelerate the growth of our business while expanding our product base and market share gains. We remain committed to investing in our future, and this will set the stage for the next phase of our growth journey."

Shares of Marksans Pharma Limited was last trading in BSE at Rs. 77.85 as compared to the previous close of Rs. 76.92. The total number of shares traded during the day was 504673 in over 3231 trades.

The stock hit an intraday high of Rs. 79.10 and intraday low of 76.05. The net turnover during the day was Rs. 39145617.00.

Source : Equity Bulls

Keywords

MarksansPharma INE750C01026 Acquisition ManufacturingFacility TevapharmIndia