BRIEF—Biological E acquires Akorn India

Hyderabad, India-based Biological E Limited (BE) has announced the acquisition of Akorn India Limited, a subsidiary of US generics firm Akorn Inc, whose shares tumbled more that 15% to $0.11 following the news.

Financial terms of the transaction were not disclosed.

By this strategic acquisition, BE, which manufactures specialty generic injectable medicines and also vaccines, will be able to enhance its manufacturing capabilities and capacities to produce & supply its vaccines and injectable medicines.

BE is in the process of developing a COVID-19 vaccine and may be able to use the facilities at Akorn India Paonta Sahib Plant in Himachal Pradesh for commercial scale manufacture of the vaccine at the appropriate time.

The Akorn India plant has a fully-staffed sterile injectable manufacturing facility with a 39,000 sq meters of built up area spread over a 14-acre campus with an annual capacity for about 135 million units with the potential for immediate expansion of a further 30 million units.