Aurobindo Pharma To Invest Rs 15 Crore In Synergy Remedies
Aurobindo Pharma Ltd has agreed to invest Rs 15 crore in exchange for a 19.9% stake in Synergy Remedies Pvt Ltd, a Tirupathi-based pharmaceutical company.
The transaction will be providing Aurobindo access to supplies of active pharmaceutical ingredients (APIs) and intermediates from Synergy.
Synergy was incorporated in 2011. It began commercial production in the financial year 2016-17. The pharma company owns a manufacturing plant at Tirupati, Andhra Pradesh, and has licences for ten API products.
Last month, Aurobindo Pharma had agreed to acquire seven branded oncology injectables from US-based Spectrum Pharmaceuticals Inc. for up to $300 million. In November 2018, the company agreed to buy a product under development and related assets from Australia-based Advent Pharmaceuticals Pty Ltd for $12.5 million in cash.