Leading vaccine firm Serum Institute of India, the flagship company of the over $1-billion Poonawalla Group, today said it has acquired the Netherlands- based Bilthoven Biologicals for Rs 550 crore.
This is the company's first overseas acquisition and inolves acquiring 100% stake in Bilthoven Biologicals, the company said.
The group chairman Cyrus Poonawala told PTI in Pune, "The total deal size is 80 million euros or (549.6 crore as of todya's value). We have already paid 32 million euros. The remaining amount will have to be paid over a period of two to three years because of the liabilities and assets, which are pending."
Through the acquisition, the Serum Institute will get access to technology and expertise for making the Injectable Polio Vaccine (Salk), the company said in a release here.
Through this, the Poonawalla Group will also provide the Group and Serum Institute, an important manufacturing base in Europe, with access to the important European and US markets.
"This acquisition will significantly strengthen our position in the global vaccines market, while giving us access to the technology and production facility of Injectable Polio Vaccine (Salk), which is the only logical solution available to the world for the eradication of polio," Poonawalla said.
More importantly, it also gives the Poonawalla Group an important operational and strategic beachhead in Europe and the US, with the important manufacturing base in the Netherlands, he said.
"This will also significantly enhance our earlier offerings in the paediatric vaccines segment, including DPT, Measles and MMR vaccines where we are the global leaders today," he added.
Bilthoven Biologicals was owned by the The Netherlands government, from which the Serum Institute of India (Cyrus Poonawalla Group) has acquired 100% shares.
The Netherlands company employs over 200 and has a manufacturing capacity of over 20 million doses of vaccines in a year and the company sells these vaccines to Europe and developing countries.
Sharing the future outlook for the company, Poonawalla Group and Serum Institute Executive Director Adar Poonawalla said, "we are committed to invest over Euros 70-80 million over the next three years to augment the infrastructure and enhance the manufacturing capacity of the Bilthoven's facilities."
Serum Institute has one of the world's largest vaccine manufacturing facilities at Pune and with this second facility based in Europe, the company aims to access the developed markets of Europe and the US for its existing and future products in the pipeline, he added.