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Pharma Expansion: Bajaj Healthcare to buy stressed assets from Saraswat Cooperative Bank for Rs 61 crore

Ruchika SharmaWritten by Ruchika Sharma Published On 30 April 2020 7:50 AM  |  Updated On 30 April 2020 7:50 AM
Pharma Expansion: Bajaj Healthcare to buy stressed assets from Saraswat Cooperative Bank for Rs 61 crore
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The targeted assets have installed capacity of 111 metric tonnes per month and are capable of manufacturing bulk drugs and active pharmaceutical ingredients

Mumbai: Bajaj Healthcare on Wednesday said it will acquire several stressed assets, including land and factory building, in Maharashtra and Gujarat from Saraswat Cooperative Bank for Rs 61 crore.

The company has agreed to acquire stressed assets from Saraswat Cooperative Bank by way of cash consideration of Rs 61 crore subject to closing adjustments, Bajaj Healthcare said in a regulatory filing.

The targeted assets have installed capacity of 111 metric tonnes per month and are capable of manufacturing bulk drugs and active pharmaceutical ingredients (API) like mefenamic acid, artemether, lumefranrine, aceclofenac albendazole, and nimesulide.

The company is buying land and factory building at the Tarapur industrial area in Palghar district of Maharashtra.

Besides, the company will acquire two vacant flats at Jogeshwari (East) in Mumbai.

Further, Bajaj said it will buy vacant industrial land at Dahej in Gujarat.

These APIs are used in pain management, tapeworm infection, and anti-malarial drugs.

"The existing product portfolios of these assets are highly complementary to the current priorities and future focus of the company. This transaction will enable the company to access additional portfolio opportunities going forward," Bajaj Healthcare said.

The company believes that this acquisition will be profitable in long term through a combination of top-line growth, margin accretive, and building newer synergies and consolidation of its presence in the local API market, it added.

The transaction is expected to close by October this year, Bajaj Healthcare said.

Read also: Astellas Pharma acquires Nanna Therapeutics


bajaj-healthcaresaraswat-cooperative-bankapiacquisitiondrug manufacturing
Source : PTI
Ruchika Sharma
Ruchika Sharma

    Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751

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