The Foreign Investment Promotion Board (FIPB) has granted approval to Sweden based Recipharm's acquisition of Kemwells Indian operation.
Earlier on 18 April, 2016 Recipharm had announced signing of two separate deals to acquire pharmaceutical contract development and manufacturing operations (CDMO) from Kemwell. The first acquisition covers operations in the US and Sweden, and the second acquisition covers Indian operations.
During last April, the conditions for the first acquisition was fulfilled and Recipharm completed this transaction. The second acquisition covering Kemwells pharmaceutical operations in India, was conditional on the receipt of governmental approvals, and was scheduled for completion before year end.
Now, the Indian Foreign Investment Promotion Board has given approval for second transaction to take place.
Closing would likely take place at the beginning of 2017 and comprises the acquisition of Kemwells pharmaceutical manufacturing and development operations located in Bengaluru known as Recipharm Pharmaservices Private Ltd.
Earlier on 18 April, 2016 Recipharm had announced signing of two separate deals to acquire pharmaceutical contract development and manufacturing operations (CDMO) from Kemwell. The first acquisition covers operations in the US and Sweden, and the second acquisition covers Indian operations.
During last April, the conditions for the first acquisition was fulfilled and Recipharm completed this transaction. The second acquisition covering Kemwells pharmaceutical operations in India, was conditional on the receipt of governmental approvals, and was scheduled for completion before year end.
Now, the Indian Foreign Investment Promotion Board has given approval for second transaction to take place.
Closing would likely take place at the beginning of 2017 and comprises the acquisition of Kemwells pharmaceutical manufacturing and development operations located in Bengaluru known as Recipharm Pharmaservices Private Ltd.