Recipharm to acquire majority stake in Indian CMO Nitin Lifesciences

21 October 2015

Swedish contract development and manufacturing organization, Recipharm (STO: RECI) has entered into an agreement to acquire a majority stake in Nitin Lifesciences, an Indian sterile injectables CMO, currently owned by the Sobti family.

Recipharm will acquire 74 % of the shares for an estimated purchase consideration of INR 6,712 million rupees (872 million Swedish kronor; $103.5 million) on a cash and debt free basis.

Recipharm will join forces with the founding and managing owners, the Sobti family, in order to further grow the current business with demanding domestic and multinational customers into a leading position in the Indian sterile CDMO market.

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