Marksans has agreed to retain the site employees with existing terms of employment. The transaction is in cash consideration and is expected to be finalized by 1 April 2023, subject to the usual closing conditions.

Marksans will continue to supply Teva's affiliates for certain products until the end of FY23 as part of the agreement, which can be extended further with mutual agreement.

Mark Saldanha, promoter and managing director of Marksans Pharma said, "l am excited to share that the acquisition has potential to significantly expand our manufacturing capability and accelerate our core growth strategy. It will supplement our innovative product portfolio, as we plan to begin manufacturing of creams, ointments, etc. in India.”

Through the acquisition, the company plans to double the existing Indian capacity from 8 billion units per annum currently. Marksans plans to manufacture tablets, hard and soft gel capsules, ointments, gummies, creams, from the new capacity. It is a scalable capacity to manufacture oral solid dosage forms.

The new capacity will be an addition to the three existing manufacturing sites in Southport (UK), Farmingdale (US) and Goa (India). The South Goa-based manufacturing site is spread across 47,597 square meters at Verna Industrial Estate, Verna, and has approvals to manufacture products from EU, Health Canada & Japanese Health Authority.

Marksans Pharma is an Indian pharmaceutical company having a global footprint. The company's strengths lie in research, manufacturing and marketing of finished dosage pharmaceutical formulations.

The company's consolidated net profit slipped 3.9% to Rs 60.2 crore despite of 24.3% rise in revenue from operations to Rs 433.8 crore in Q1 FY23 over Q1 FY22.

The scrip rose 1.29% to end at Rs 47.10 on the BSE.