Drug firm Gland Pharma to fully acquire Europe-based Cenexi Group
Drug firm Gland Pharma on Friday said it has inked a pact with FPCI Sino French Midcap Fund to acquire 100 per cent stake in Europe-based Cenexi Group.
Gland Pharma International PTE, a Singapore-based wholly owned subsidiary of the company, has entered into a share purchase agreement with FPCI Sino French Midcap Fund to fully acquire stake in Cenexi pursuant to the terms of the put option agreement inked in November last year.
On November 29, 2022, the Hyderabad-based drug contract development and manufacturing company (CDMO) had entered into a put option agreement to acquire Cenexi Group for up to EUR 120 million (around Rs 1,015 crore), marking its foray into the international markets.
Under the put option, an entity gets the right not obligation to sell a specified amount or stake at a predetermined price.
Founded in 2004, Cenexi, along with its subsidiaries, is engaged primarily in the business of contract development and manufacturing organisation (CDMO) of pharmaceutical ...