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The facility is acquired for a total consideration of $7.7 million. As part of the acquisition, the existing workforce of the facility will transition to Biocon Generics Inc.
The company stated that the facility has a potential for capacity expansion up to 2 billion tablets/capsules per year.
Siddharth Mittal, managing director & CEO of Biocon 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.”
Biocon is an innovation led global biopharmaceuticals company, engaged in the production of therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.
The company reported 30% decline in consolidated net profit to Rs 101 crore in Q1 FY24 from Rs 144 crore in Q1 FY23. Consolidated revenues for Q1 FY24 grew 59% YoY to Rs 3,516 crore.
The scrip closed 0.48% higher at Rs 260.65 on Friday, 1 September 2023.
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