Tuesday, September 04, 2018
Olon SpA, a global leader in the production of generics and a Pharmaceutical Development and Manufactured Under Contract Organization (CDMO) of active pharmaceutical ingredients (IFA), today announced the acquisition of a local IFA factory of generic chemical products in Mahad, India , as part of the continued expansion of its global presence.
Paolo Tubertini , CEO of Olon, commented: "With the acquisition of a factory in India , Olon will have the opportunity to accelerate growth by adding new projects such as CDMO and developing new generic products for the Indian market. global and a dedicated team of experts that will help us provide high quality drugs that meet or exceed the expectations of customers and regulatory requirements.
" Following the acquisition of the Chemistry division of Ricerca Biosciences in mid-2017 and the investment of € 10 million to expand the IFA production lines at the Settimo Torinese factory, an advanced plant for the development and production of IFA and advanced intermediaries through microbial fermentation technology, we have completed another step in our strategic plan.To reach all the objectives in Olon's 3-year development plan, we will advance towards the following goal: to have an important role in the production of IFA biological ".
The Mahad plant, which manufactures products for Sandoz, a division of the Novartis Group, is a well- established and reputable IFA production facility in India , and provides a series of life-saving medicines for the health system of the company. India and patients from all over the world. As part of the asset purchase agreement, the parties undertook to sign a long-term supply contract to guarantee the continuous supply of Sandoz products manufactured in Mahad. No impact is planned on the jobs and Olon plans to invest in the plant and look for commercial development opportunities to optimize the use of the plant and expand its customer base.
"We are confident that this will be a perfect transaction for employees, patients, customers, partners and other interested parties," added Tubertini. "We are impressed with the expertise at the Mahad plant and we want to take advantage of their experience to develop new opportunities in the pharmaceutical market, in India and elsewhere."
It is expected that the acquisition of the IFA production plant in Mahad will be completed in early 2019, following a transition process. No financial data was disclosed.