Eurolife Buys an Intravenous Infusions Plant from Teva Pharmaceutical Industries
The Indian pharma company, Eurolife Healthcare proclaimed to have bought an intravenous infusions plant of Teva Pharmaceutical Industries Ltd, an Israel-based pharma company, according to a media report.
The amount involved in the transaction has not been disclosed by the two companies.
The acquisition of the Hungary-based plant will help the company tap and service its European and the US markets for intravenous infusions in a better way, CEO of Eurolife, Sandeep Toshniwal said in its statement, as reported by the daily news, VC Circle.
Eurolife will invest 50 million euros (about Rs 387 crore at current exchange rate) in the next three years to expand the plant, Toshniwal added.
The acquired plant is presently producing 2.1 million bags of intravenous infusions every month.
It plans to fund its expansion through internal accruals and that it is not immediately looking for a fresh round of private equity funding, the company told the daily news.
In 2016, PE firm, OrbiMed had made an offering of INR 100 crore to Eurolife. During the same year, pharma company bought form-fill-seal infusion enterprise from Baxter Internationals subsidiary, Baxter India.
