Biocon Limited announces the acquisition of a manufacturing facility of Eywa Pharma Inc

Biocon Limited (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceutical company, today announced that its step-down, wholly-owned subsidiary, Biocon Generics Inc., has acquired Eywa Pharma Inc.'s oral solid dosage manufacturing facility, located in Cranbury, New Jersey, U.S., effective 1st September, 2023.

The facility is acquired for a total consideration of US $7.7 million. As part of the acquisition, the existing workforce of the facility will transition to Biocon Generics Inc. The facility has a potential for capacity expansion up to 2 billion tablets/capsules per year.

Siddharth Mittal, Managing Director and CEO, Biocon Limited said, "The acquisition of this US FDA approved facility, our first in the U.S., will complement Biocon's existing manufacturing capabilities and strengthen our foothold in the United States.

The acquisition will also enable us to add oral solid dosage capacitiesfor new products earlier than originally planned and ensure continuity of supply through the diversification of our manufacturing infrastructure.

Our focus will be on integrating the acquired facility expeditiously and expanding our portfolio in the region."

Shares of Biocon Limited was last trading in BSE at Rs. 260.65 as compared to the previous close of Rs. 259.40. The total number of shares traded during the day was 149841 in over 2971 trades.

The stock hit an intraday high of Rs. 263.25 and intraday low of 259.20. The net turnover during the day was Rs. 39103866.00.

Source : Equity Bulls

Keywords

Biocon INE376G01013 BioconGenerics Acquisition EywaPharmaInc ManufacturingFacility Cranbury NewJersey