Torrent Pharma buys Glochem Unit in Vizag
Drug maker Torrent Pharma has acquired a manufacturing unit of Glochem Industries in Vizag. The facility manufactures active pharmaceutical ingredients (API), or raw materials used to make medicines, and Torrent will acquire it as a going concern on slump sale basis.ET had reported in its May 27 edition that the two companies are in advanced talks for a possible transaction.
“Acquisition of this site will further help in backward integration and scale up Torrent’s manufacturing capacity to meet the growing demands from international markets,” said Jinesh Shah, executive director (operations) at Torrent Pharma.
Ahmedabad-based Torrent Pharma said the company currently has five formulation manufacturing units, and with this acquisition, it will have three API facilities for regulated markets in the near future.
The acquired unit is approved by the US FDA and the European regulatory authorities, and it makes multiple products. Torrent expects the deal to give a boost to its growth plans, and help in vertically integrating its future Abbreviated New Drug Application (ANDA) filings.