Zydus Cadila to pay 1.56 billion rupees to acquires 51% stake in Windlass Healthcare

AHMEDABAD | MUMBAI | RAJKOT – Zydus Cadila Group will pay 1.55 billion (~155.55 crore) rupees to acquire 51% stake in Dehradun (Uttarakhand) headquartered Windlas Healthcare Pvt Ltd, the company press release submitted to the Exchanges in India on Monday read.

The acquisition detailing regulatory document submitted to the exchange termed the objective of the investment to expand pharma manufacturing footprint.

The said acquisition is to be completed by end of September 2018 and the consideration amount will be paid through cash.

The transaction does not require any regulatory approval and does not constitute a related party transaction, as none of the promoters or group companies of Cadila Healthcare Ltd have any interest in the entity beign acquired.


Speaking on the development, Managing Director of Cadila Healthcare Limited, Dr. Sharvil Patel said,

“We see this as an opportunity to ramp up our operations and increase our product offerings. Windlas Healthcare’s cost-efficient manufacturing infrastructure and technical competence to develop a competitive product pipeline will be a great asset for us.”

Windlas Healthcare has a robust manufacturing infrastructure with a USFDA inspected oral solids manufacturing facility.


WHPL also has a dedicated R&D facility for formulations development and has developed four First-to-File ANDAs in the last two years.

The strategic deal allows Cadila Healthcare to expand its existing manufacturing base.


WHPL was incorporated on February 12, 2010.

The financial turnover the company for last three years is as narrated below :

  • FY2017-18 : 33.31 Crore (~333.1 million) Rupees
  • FY2016-17 : 27.67 Crore (~276.7 million) Rupees
  • FY2015-16 : 29.12 Crore (~291.2 million) Rupees

Announcement from the company of acquisition hit the exchanges in India while the trading session was about to close, but immediately after the announcement hit the exchanges, share price of the company which were otherwise trading flat, nose-dived drastically and closed in RED Zone on negative counters.

 


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