New Delhi, Dec. 16 -- Senores Pharmaceuticals Ltd said it has acquired a Gujarat-based pharmaceutical company along with five of its drug applications for generic medicines as part of its push into regulated markets such as the UK and Canada.
The Mumbai-listed drugmaker has fully acquired Apnar Pharma Pvt Ltd, which operates a manufacturing facility in Gujarat approved by health regulators in the US, UK and Canada.
Separately, Senores has bought five abbreviated new drug applications (ANDAs) from Apnar Pharma's parent company, three of which are ready for immediate commercialization. An ANDA is an application submitted to the US Food and Drug Administration (FDA) seeking approval to market a generic drug.
Senores has acquired Apnar at an enterprise value of Rs 91 crore ($9.9 million). Of this, around Rs 76 crore comprises total debt and expected liabilities related to the manufacturing facility that will be taken over by Senores. The remaining Rs 15 crore will be paid in cash in two tranches, with 75% payable in the first tranche and 25% in the second, the company said in a statement. The equity contribution of Rs 15 crore will be funded partly through Senores' IPO proceeds earmarked for general corporate purposes and partly through internal accruals, it said.
Senores expects the first tranche of the transaction to close by March 2026, with the second likely to be completed by the second quarter of FY27. The acquired facility is expected to ramp up operations within one to three months of the acquisition.
"This acquisition marks a significant milestone in accelerating the growth trajectory of Senores Pharmaceuticals. The facility will not only enhance our manufacturing capacity but also enable us to enter additional regulated markets such as the UK, and Canada (in addition to the US), where we currently have limited presence," said Swapnil Shah, promoter and managing director, Senores Pharmaceuticals.
"Looking ahead, we remain committed to expanding our product portfolio across regulated markets, scaling our CDMO/CMO business, accelerating growth in emerging markets, and strengthening our branded generics presence in India," he added.
Founded in 2014, Apnar Pharma is engaged in the licensing, development, and manufacturing of generic formulations for regulated markets including the US, Great Britain, and Canada. It operates a dedicated manufacturing facility in Jambusar, Gujarat, which is approved by the FDA, the UK's Medicines and Healthcare Products Regulatory Agency (MHRA), and Health Canada.
According to Senores' stock exchange disclosure, Apnar reported revenue of Rs 14.2 crore for the financial year ended March 2025, down about 48% from the previous year.
Published by HT Digital Content Services with permission from VC Circle.