In yet another case of an Indian company shopping abroad, Bangalore based contract manufacturing firm Kemwell Pvt Ltd has bought Pfizer's production plant in Uppsala, Sweden for an undisclosed sum.
The acquisition is expected to be completed by April this year and would lead to significant growth in contract business, Kemwell said in a statement.
"This transaction builds on Kemwell's extensive experience in contract manufacturing and demonstrates our commitment to strengthen and broaden the pharmaceutical business through strategic global acquisitions," Subhash Bagaria CMD, said.
Pfizer had been manufacturing both API and finished drug from the Uppsala plant and is approved by USFDA, EMEA and Japan's regulatory authority.
Kemwell said it planned to introduce value added services such as formulation development and analytical method development and validation to the site.
The addition of the USFDA approved manufacturing capabilities to its operations will allow it to transfer some experience from Europe to India and help to expand contract manufacturing business, the statement said adding Kemwell would now be able to provide market with additional capacity.
Commenting on the sale of its manufacturing unit to Kemwell, Zeibrant Lindqvist, CEO, Pfizer Health AB said the company expected the plant and jobs would remain in the region.