Synovics (USA)
Synovics Pharmaceuticals, Inc. USA is a company with proprietary technologies for the development of difficult-to-formulate and controlled-release generic and branded oral drugs.
Maneesh Pharmaceuticals Pvt. Ltd. of Mumbai, India (“Maneesh”) purchased 6% stake in common stock in Synovics.
Synovics completed the previously announced acquisition of Kirk Pharmaceuticals, LLC and its affiliated company ANDAPharm, LLC (“Kirk”). Under the terms of the agreement, Synovics purchased 100% of Kirk for $12 million. Kirk, a manufacturer of over-the-counter (OTC) and generic drugs based in Ft. Lauderdale, Fla., had revenue of approximately $14.6 million for the fiscal year ended October 31, 2005, up 20% compared with the previous fiscal year.
“Our investment in Synovics reflects our confidence in their technology and their significant product pipeline, and in the economic potential we believe these assets represent. In addition, we view this as a strategic investment as we believe that Maneesh may provide distribution of Synovics pharmaceutical products to Europe, Asia and Latin America, where we currently have a strong presence. Additionally, we believe Maneesh offers Synovics access to additional low-cost R&D and manufacturing capabilities we have or are developing in India.”
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