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India’s Gland Pharma To Buy Cenexi For $124 mln

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India's Gland Pharma To Buy Cenexi For $124 mln

(CTN NEWS) – As it seeks to increase its footprint in European markets, Indian generic injectables manufacturer Gland Pharma Ltd announced on Tuesday that it would purchase privately held French pharmaceutical company Cenexi for 120 million euros ($124.3 million).

With three manufacturing facilities in France and one in Belgium, Cenexi is a contract development and manufacturing business that creates sterile and injectable pharmaceutical products.

Cenexi was separated from Roche Holding in 2004.

With exports to international markets, Europe generates most of Cenexi’s revenue. Its revenue decreased from 195.3 million euros in 2020 to 184.1 million euros in 2021.

The US, Europe, Canada, and Australia are the main markets for Gland Pharma.

72% of the second quarter’s income came from the countries.

India's Gland Pharma To Buy Cenexi For $124 mln

The business claims that the acquisition has an enterprise value of 230 million euros, including debt, and will be financed with internal funds.

The statement comes hours after Bloomberg News reported that Shanghai Fosun Pharmaceutical Group Co Ltd.

The parent company of Gland Pharma in China was considering selling the business, which caused Gland’s shares to rise 7.6%.

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Alishba Waris is an independent journalist working for CTN News. She brings a wealth of experience and a keen eye for detail to her reporting. With a knack for uncovering the truth, Waris isn't afraid to ask tough questions and hold those in power accountable. Her writing is clear, concise, and cuts through the noise, delivering the facts readers need to stay informed. Waris's dedication to ethical journalism shines through in her hard-hitting yet fair coverage of important issues.

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