New Delhi: Pharmaceutical company Granules India has agreed to buy Auctus Pharma Ltd, a manufacturer of active pharmaceutical ingredient (APIs) or bulk drugs, for Rs 120 crore in an all-cash deal.
The purchase, which is expected to be completed in three to size months, will be funded through the company's internal accruals and debt.
Auctus's two manufacturing facilities in Hyderabad and Visakhapatnam are approved by leading regulatory agencies, including the US Food and Drug Administration and the World Health Organization. The company reported a turnover of Rs 140 crore in 2012-13.
Granules in into manufacturing of painkiller drug paracetamol, anti-diabetic drug metformin, anti-inflammatory drug ibuprofen and respiratory drug guaifenesin, and made a revenue of Rs.784.4 crore in the year to March 31.
