Biocon acquires US-based Eywa Pharma for $7.7 million
A unit of biotechnology major Biocon has acquired the oral solid dosage manufacturing factory of Eywa Pharma Inc. in the US for USD 7.7 million. Let us tell you that Iva Pharma Inc. has the capacity to expand the capacity up to 2 billion tablets/capsules every year. Know how the stock of the company was yesterday. Read what is the complete news.
A unit of biotechnology major Biocon has acquired Eywa Pharma Inc.'s oral solid dosage manufacturing factory in the US for USD 7.7 million (over Rs 63 crore).
In a statement, the Bengaluru-based Biocon company said Biocon Generics Inc. has acquired the Cranbury, Iowa plant with effect from September 1, 2023. As part of the acquisition, Iwa's existing workforce will now work for Biocon Generics Inc.
Let us tell you that Iva Pharma Inc. can increase its production capacity to 2 billion tablets/capsules per year.
The acquisition of this US FDA (US Food and Drug Administration) approved facility, our first in the US, will complement Biocon's existing manufacturing capabilities and strengthen our footprint in the US.
Siddharth Mittal said the acquisition will also help the company add oral solid dosage capacity for new products earlier than originally planned and ensure continuity of supply through diversification of manufacturing infrastructure.
Mittal said that our focus will be to rapidly integrate the acquired facility and expand our portfolio in the region.
Yesterday, on the last day of the trading week, Biocon shares closed almost flat. The company's shares closed at Rs 260.05, up Rs 0.70.
