Anupam Rasayan India the Gujarat based Specialty chemicals maker is all set to acquire 43.3 % stake in pharmaceutical formulations company Bliss GVS Pharma Ltd. According to reports Anupam Rasayan has already signed an agreement to acquire up to 43.3 % stake in Bliss GVS Pharma Ltd for an estimated amount Rs 1,369.51 crore and launch an open offer to acquire another 26 per cent in the firm, which can make the total share holding up to 69.3%.
According to late-night regulatory filing, Anupam Rasayanwill acquire a 43.3 % stake at Rs 299 per share, and also launches a mandatory open offer for an additional 26 per cent from public shareholders at the same price.
According to the Managing Director of Anupam RasayanIndia Anand Desai “We have entered into a definitive agreement to acquire 43.3-48.2 per cent equity stake and are making an open offer to the public shareholders of Bliss GVS Pharma,”. Desai also added “This will strategically strengthen our presence across the pharmaceutical value chain, spanning key starting materials to finished dosage formulations,”.
The acquisition will be funded through a Rs 300 crore term loan, with the remaining amount financed via a non-controlling, non-voting equity instrument.
Bliss GVS Pharma founded in year 1984, holds EU-GMP certification and operates manufacturing facilities in Maharashtra and Daman approved by the USFDA and the World Health Organization (WHO). The company develops and exports a wide range of formulations including suppositories, tablets, capsules and injectables. With a portfolio of over 150 branded formulations and is among India’s largest manufacturers of suppositories and pessaries, having a strong presence across Africa, Asia, and Latin America.
According to Anupam Rasayan the combined entity would create an integrated pharmaceutical manufacturing platform with deeper backward integration and expanded reach in regulated markets, including Europe and the United States, aided by its earlier acquisition of Jayhawk.
Written by: Pramit Hazra
