The contract development and manufacturing organization, Recipharm AB has completed the acquisition of a majority stake in Nitin Lifesciences Limited, an Indian sterile injectables CMO, currently owned by the Sobti family.
Recipharm has acquired 74 % of the shares for a purchase consideration of INR 6,713 million (SEK 824 million) on a cash and debt free basis.
Thomas Eldered, CEO of Recipharm said “I am delighted that we have now completed this transaction. The combination of Nitin and Recipharm represents an important step in the development of both companies and I am pleased that both Dr Chetan Sobti and Nitin Sobti will be continuing in their current positions”.
Mr. M.M Sobti, founder of Nitin Lifesciences Ltd., commented “This partnership represents a real opportunity to take Nitin Lifesciences to a new level. The combination allows both organisations to access a wider customer base and to gain important learning from each other. The Sobti family is very pleased to be entering into this new strategic partnership which will be hugely beneficial for both companies”.