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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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