Orchid Chemicals completes business transfer to Hospira
March 31st, 2010 - 2:26 pm ICT by IANSChennai, March 31 (IANS) City-based drug maker Orchid Chemicals & Pharmaceuticals has completed the sale and transfer of its generic injectable finished dosage business to Hospira Healthcare India Pvt Ltd, a wholly owned subsidiary of Hospira Inc, US.
Orchid Chemicals had signed a business transfer agreement with Hospira last December to sell its injectibles business, the manufacturing complex, research and development facility at Irungattukottai near here along with employees for $400 million.
Hospira, which has a 50:50 joint venture with the Ahmedabad-based Zydus Cadilla to manufacture oncological drugs, found the Orchid plant an apt fit as it did not have a presence in that segment.
What further attracted the US company is the regulatory approvals — including one from USFDA (US Food and Drug Administration) — Orchid had.
Orchid Managing Director K Raghavendra Rao said Tuesday the completion of the deal would enable the company to achieve financial flexibililty.
“In addition, through the strategic supply arrangement with Hospira, Orchid would be ensuring long-term contractual API (active pharmaceutical ingredients) revenue streams,” he said.
C.B. Rao, Orchid’s deputy managing director, will head Hospira India as its managing director.
- Orchid Chemicals completes business transfer to Hospira - Mar 31, 2010
- Orchid Chemicals sells 'pearl' to Hospira - Dec 16, 2009
- Orchid Pharma to invest Rs.200 crore in niche segment - Nov 04, 2010
- US health regulator approves Chennai drug plant - Jun 22, 2011
- Orchid Chemicals' plant shut on pollution concerns - Jul 11, 2011
- Orchid Chemicals to pay off debt by selling business - Dec 16, 2009
- Orchid Chemicals to invest Rs.200 crore this fiscal - Jul 29, 2011
- Hospira eyeing Indian partners to make medical devices - Dec 17, 2009
- Decks cleared for Orchid to market anti-infectives in US - Sep 25, 2009
- Orchid Chemical to acquire US marketing company - Jun 10, 2010
- Orchid Chemicals signs out-licensing deal with Alvogen - May 05, 2010
- Orchid Chemicals declares 30 percent dividend - May 18, 2011
- Orchid bags more than $100 mn Merck deal - Sep 29, 2008
- Zydus Cadila buys out Biochem - Dec 21, 2011
- Core Gestra bags pharma excellence award - May 26, 2011
Tags: active pharmaceutical ingredients, business transfer, food and drug, food and drug administration, hospira, hospira inc, india pvt ltd, joint venture, managing director, orchid chemicals, orchid plant, pharmaceuticals, raghavendra rao, regulatory approvals, research and development, revenue streams, segment, supply arrangement, usfda, zydus cadilla