Ahmedabad: AMNEAL Pharmaceuticals Inc.
based in the US has acquired Ahmedabad-based injection drug maker Puniska Healthcare Private Limited for around RS 700 Crore.
Purchases are expected to improve infrastructure, capabilities, capabilities, and manufacturing capacity of the Amnial Stock Exchange, and the capacity to support the US market and function as the foundation for the international market.
Founded by Chirag Duo India-American and Chintu Patel, Amneal Pharmaceuticals run two manufacturing facilities – each at Ahmedabad and Dahej in Gujarat.
The company has four facilities in India.
“This acquisition is an important step that is significantly improving our injection capabilities for the US market and enabling international expansion, including in India, because we want to be a leading player in the global injection market,” said Chirag and Chintu Patel, Co-Head of Executive Officer (CEO ), Amneal Pharmaceuticals.
Puniska has 2.93 lakh square feet, advanced manufacturing facilities in Ahmedabad with sterile injection production lines.
The acquisition also brought to the amneal of around 550 puniska employees with the main ability in making injection, R & D and commercialization.
“The ability to puniska to produce high volumes and complex products will enable amneal to build our strong portfolio and pipes and contribute to rapid growth in our injection business, which we project will be more than double by 2025,” added Patel Amneal.
The health and pharmaceutical sector in Gujarat has seen activities related to mergers and acquisitions, private equity agreements and increasing funds through the initial public offering (IPO) since the Pandemic Covid-19 outbreak.