Gland Pharma to acquire French firm Cenexi Group for Rs 1,000 crore

Will fund transaction from internal accruals

Injectables maker Gland Pharma on Tuesday said it entered into a put option agreement to acquire French firm Cenexi Group for an equity value not exceeding 20 million euros or approximately Rs 1,000 crore (enterprise value 230 million euros) to expand its contract development and manufacturing business in Europe.

Transaction would be funded by internal resources with no recourse to third-party funding, the company said. Gland Pharma shares closed 7.7 per cent higher on BSE.

Hyderabad-based Gland Pharma has entered into the agreement through its wholly-owned subsidiary Gland Pharma International PTE Ltd, Singapore.

The proposed acquisition remains subject to receipt