Hospira to Acquire Active Pharmaceutical Ingredient Manufacturing and R&D Facilities
Hospira (NYSE: HSP), the world's leading provider of injectable drugs and infusion technologies, today announced an agreement for Hospira to acquire an active pharmaceutical ingredient (API) manufacturing facility, together with an associated research and development (R&D) facility, from Orchid Chemicals & Pharmaceuticals Ltd. (BSE: 524372, NSE: ORCHIDCHEM), a leading Indian pharmaceuticals company, for approximately $200 million. Acquisition of the modern, U.S. Food and Drug Administration (FDA)-approved facility is expected to reduce Hospira's costs, support continuity of supply of key antibiotic products and pave the way for future API development.
"Our decision to acquire Orchid's world-class API facility demonstrates Hospira's continued dedication to the antibiotics space, enhancing cost-competitiveness and ensuring continuity of supply," said Dr. C. Bhaktavatsala Rao, managing director, Hospira India. "This is a top-of-the-line API manufacturing facility that has been recognized by industry leaders for its high standards. We look forward to welcoming our new colleagues from Orchid and leveraging their expertise to continue to bring high quality, lower-cost products to patients around the world."
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.