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Torrent Pharma acquires Glochem's Vizag facility

BS Reporter / Hyderabad 30 Jun 16 | 12:08 AM

Ahmedabad-based Torrent Pharma Limited has entered into a binding agreement to acquire an active pharmaceutical ingredients(API) unit of Hyderabad-based Glochem Industries Limited along with a few drug master files as a going concern on slump sale basis.

The two companies have refused to share the financial details of the transaction.

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Located in Jawaharlal Nehru Pharma City at Parawada in Visakhapatnam, the Glochem's API manufacturing facility has 4 API suites, a pilot plant and an R&D center with a capacity to manufacture advanced intermediaries as well as APIs. The facility was approved by the US FDA and the European regulatory authorities.

"It makes a business sense for both the companies as we want to focus more on our Hyderabad operations while Torrent is looking for a facility to add more products to its portfolio," Subbarao Kattamuri, managing director of Glochem told Business Standard.

Torrent currently has five formulation units and with this acquisition it will have 3 API facilities for the regulated markets.

"Acquisition of this site will further help in backward integration and scale up of Torrent's manufacturing capacity to meet the growing demand from the international markets," Jinesh Shah, executive director of Torrent Pharma said. With annual sales of Rs 6,600 crore, Torrent Pharma is the flagship company of Torrent Group.

According to Subbarao, Glochem is planning to make a transition towards specialised products and advanced technologies and this transaction will allow the company to optimise its resources and redirect them towards this goal.

Glochem, a privately held company, had achieved Rs 120 crore turnover in the financial year 2015-16. It also has a formulations subsidiary having its plant located Jadcherla in Mahaboobnagar district while the parent company's other API unit is located in Hyderabad. Both the sites are the US FDA approved facilities, according to Rao.

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