Granules Pharma to Acquire Stake in U.S.-Based Drug Maker USpharma
Granules Pharma to acquire 12.5 percent of U.S.-based drug maker.
Granules India’s wholly-owned subsidiary, Granules Pharmaceuticals Inc., has entered into an agreement to acquire 12.5 percent stake in U.S. based drug maker USpharma.
“This investment will enable Granules to participate in product selection and have right of first refusal to market the select products which are under development by USpharma,” the company said in a Bombay Stock Exchange filing.
USpharma is a development-stage pharmaceutical company specialising in research, development and manufacture of high entry-barrier generic pharmaceuticals. The US-based drug maker, in collaboration with manufacturing partners, had submitted five abbreviated new drug applications (ANDA) with para-IV certifications, out of which four ANDAs have already been out-licensed to Granules exclusively.
Granules India’s managing director Krishna Prasad Chigurupati said the deal with USpharma will expand the company’s product portfolio.
The successful development of limited-competition products by USpharma provides further long-term growth for the company.Krishna Prasad Chigurupati, Chairman and MD, Granules India in the company’s press release.
Following the announcement, shares of the company rose 2.2 percent to Rs 148.55 as of 10:45 am on the BSE.
