Gland Pharma enters into agreement to acquire Cenexi; stock slips 5%

The acquisition provides Gland Pharma access to leading know-how and development capabilities in sterile forms including for ophthalmic gel, needleless injectors and hormones, the company said

Shares of Gland Pharma slipped 5 per cent to Rs 1,787.55 on the BSE in Wednesday's intra-day trade after the company entered into a Put Option Agreement to acquire 100 per cent of Cenexi Group for an equity value not exceeding Euro 120 million (Enterprise Value of Euro 230 million).

Gland Pharma will acquire Cenexi Group through its wholly owned subsidiary Gland Pharma International PTE. Ltd, Singapore.

Cenexi is primarily engaged in the business of Contract Development & Manufacturing Organisation (CDMO) of pharmaceutical products with expertise in sterile liquid and lyophilized fill-finished drug, including capabilities on oncology and