US-based Amneal Pharmaceuticals Inc. has acquired Ahmedabad-based injectable drug maker Puniska Healthcare Private Limited for around £70 million. The buyout is expected to boost the New York Stock Exchange (NYSE) listed Amneal’s injectables manufacturing infrastructure, capabilities, and capacity to support the US market and serve as a foundation for international markets.
Founded by the Indian-American duo Chirag and Chintu Patel, Amneal Pharmaceuticals runs two manufacturing facilities - one each in Ahmedabad and Dahej in Gujarat. The company has four facilities in India.
“This acquisition is a pivotal step that meaningfully enhances our injectable capabilities for the US market and enables international expansion, including in India, as we look to become a leading player in the global injectables market,” said Chirag and Chintu Patel, Co-Chief Executive Officers (CEOs), Amneal Pharmaceuticals.
Puniska has state-of-the-art manufacturing facility in Ahmedabad with sterile injectable production lines. The acquisition also brings to Amneal approximately 550 Puniska employees with key capabilities in injectables manufacturing, R&D and commercialization.