Gland Pharma Ltd, a manufacturer of generic injectables, announced on Tuesday that it will purchase Cenexi, a French pharmaceutical company, for 120 million euros, or roughly 1,015 crore Indian rupees. This move is part of an effort to increase Gland Pharma Ltd’s market share in Europe.
A “Put Option Agreement” has been signed by the pharmaceutical business’s wholly-owned Singaporean subsidiary Gland Pharma International PTE to purchase 100% of Cenexi Group for a price of equity not to exceed EUR 120 million, the company announced in a filing.
An entity has the right but not the duty to sell a certain amount or stake at a predetermined price under the put option.
The company was founded in 2004, Cenexi and its subsidiaries primarily work as contract development and manufacturing organisations (CDMOs) for pharmaceutical products. They specialise in sterile liquid and lyophilized fill-finished drugs and have oncology and complex product manufacturing capabilities.