Strides Pharma acquires manufacturing facility from US-based Micelle BioPharma.
Summary: Bengaluru (Karnataka) [India], Aug 27 (ANI): Strides Pharma Science Ltd said on Tuesday that its step-down subsidiary Strides Pharma Inc has acquired a manufacturing facility in Florida from Micelle BioPharma Inc.
Bengaluru (Karnataka) [India], Aug 27 (ANI): Strides Pharma Science Ltd said on Tuesday that its step-down subsidiary Strides Pharma Inc has acquired a manufacturing facility in Florida from Micelle BioPharma Inc.
"Strides Pharma Inc has acquired the manufacturing facility under an asset purchase agreement with Micelle Biopharma Inc for a consideration of 0.5 million dollars (about Rs 3.6 crore) and will invest up to 10 million dollars (about Rs 71.7 crore) to build incremental capabilities and add additional dosage formats," the company said in a statement.
Strides Pharma Science said the site has undergone several successful US Food and Drug Administration (USFDA) inspections and has no outstanding observations.
"Micelle's facility is based in Riviera Beach, Florida, and is one of the very few manufacturing facilities in the United States with a soft gel capsule (SGC) manufacturing suite for formulations with containment needs. It is also the only USFDA approved integrated manufacturing-packaging SGC facility in the United States," the company said.
Strides Pharma Science said that its US business has seen a significant ramp-up in the past few quarters due to sustained growth in base products and new product introductions through its own front-end. SGC is one of the important pivots in the company's growth.
Strides has a portfolio of over 10 approved SGCs in the United States and other regulated markets and a pipeline of 15 SGC abbreviated new drug applications (ANDAs) filed or under filing for the United States.
Strides Pharma Science said the company has over two billion annual capacity of SGC at its flagship site in Bengaluru. The Florida site will augment this capacity and offer an alternate site to support the company's growth plans.
With the addition of the Florida site, Strides now has eight formulation sites globally catering to the regulated and emerging markets.
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|Publication:||Asian News International|
|Date:||Aug 27, 2019|
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