Eiko LifeSciences Limited (ELL), announced on Thursday that it has acquired a 25.01 per cent stake in Reflux Pharmaceuticals Private Limited (RPPL), a pharmaceutical company that specialises in manufacturing and exporting active pharmaceutical ingredients (APIs) and intermediates.
The acquisition is part of ELL's long-term strategic growth plan to diversify its portfolio and enter new markets.
In a regulatory filing, the company said, “As part of the deal, ELL will assist RPPL in identifying, developing, and promoting new products and marketing thereof in the interest of both the companies. Both ELL and RPPL will use their manufacturing facilities/ expanded capacities to manufacture the products identified and developed. ELL will also be the preferred source of supply for some of the key raw materials to RPPL at "arm's length" transaction.
“The acquisition will help ELL to leverage its expertise in specialty chemicals and its global network to enter the lucrative European markets, where RPPL has a strong presence. Both ELL and RPPL will co-market some of the newly developed products,” the company said in a BSE filing.
"We are delighted to partner with Reflux Pharmaceuticals Private Limited, a company with a strong reputation and expertise in the pharmaceutical API and specialty chemical industry. This acquisition will enable us to leverage our synergies and create value for our stakeholders,” said Laxmikant Kabra, chairman of Eiko LifeSciences Limited.
“We believe that this partnership will enhance our capabilities and competitiveness in the global market. We shall continue to remain committed to the growth of our company and look forward to many more years of mutually beneficial association,” he added.
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"We are excited to join forces with Eiko LifeSciences Limited, a company with a proven track record and experience in the chemical sector. This acquisition will provide us with access to Eiko’s resources and network, which will help us accelerate our growth and innovation,” said Amitkumar Ghosh, Director of Reflux Pharmaceuticals Private Limited.
“We look forward to working together with Eiko to develop and market new products that will benefit our customers and society at large," he added.