Drug firm Gland Pharma on Friday said it has inked a pact with FPCI Sino French Midcap Fund to acquire 100% stake in Europe-based Cenexi Group.
Gland Pharma International PTE, a Singapore-based wholly owned subsidiary of the company, has entered into a share purchase agreement with FPCI Sino French Midcap Fund to fully acquire stake in Cenexi pursuant to the terms of the put option agreement inked in November last year.
On Nov. 29, 2022, the Hyderabad-based drug contract development and manufacturing company had entered into a put option agreement to acquire Cenexi Group for up to EUR 120 million (around Rs 1,015 crore), marking its foray into the international markets.
Under the put option, an entity gets the right not obligation to sell a specified amount or stake at a predetermined price.
Founded in 2004, Cenexi, along with its subsidiaries, is engaged primarily in the business of contract development and manufacturing organisation of pharmaceutical products with expertise in sterile liquid and lyophilized fill-finished drugs, including capabilities on oncology and complex products.
It has a presence across four manufacturing sites in Europe which include three sites in France and one site in Belgium.
The company, which employs 1,372 people, has experience in processing specific substances like hormones, suspensions and controlled substances.
Its revenue for the 2021 calendar year stood at EUR 184.1 million.
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