The Hyderabad-based company has inked an agreement to acquire Tamil Nadu-based Actavis Pharma Manufacturing's solid oral dosage facility in Alathur, Tamil Nadu, Vivimed Labs said in a filing to the BSE.
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"The facility is being acquired from from its (Actavis Manufacturing) parent Actavis Holding Asia, an affiliate of Actavis Inc," it added.
The gross acquisition consideration is Rs 122 crore and is being funded through an optimal combination of internal accruals and debt, Vivimed Labs said.
The manufacturing facility has been approved by the US Food and Drug Administration in April 2007 and has a capacity to produce 1.2 billion solid oral dosages per annum, the company said.
"This acquisition is particularly important given it provides our finished dosage formulation manufacturing platform with a USFDA approved facility and immediate access to the regulated markets," Vivimed Managing Director and CEO Santosh Varalwar said.
Alongwith the facility, the company has acquired two commercially valuable and marketable ANDA's which will allow the company to generate additional revenues, he added. "We are also entering into a contract manufacturing agreement with the Actavis group for a defined period which will also be a source of revenues for us," Varalwar said.
Shares of Vivimed Labs were trading at Rs 106.10 apiece on the BSE in late afternoon trade, up 5 per cent from their previous close.
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