Indoco Remedies Acquires 85% Equity Stake In US Based FPP Holding

June 06, 2023 by BW Online Bureau

Mumbai-based Indoco Remedies a fully integrated, research-based pharma company with a strong global presence has acquired 85 per cent of equity stake of the US-based FPP Holding Company, LLC for USD 4 Million from Contract Pharmacal Corp

Mumbai-based Indoco Remedies a fully integrated, research-based pharma company with a strong global presence has acquired 85 per cent of equity stake of the US-based FPP Holding Company, LLC for USD 4 Million from Contract Pharmacal Corp, the company said in an exchange filing on Tuesday.

FPP Holding is the holding company of Florida Pharmaceutical Products, LLC which is based in Florida and engaged in the marketing and distribution of generic pharmaceutical products in the USA.

The strategic investment by Indoco marks a significant milestone, solidifying its position as a key player in the US market. FPP Holding's consolidated turnover amounted to USD 4.7 million as on 31st December 2022.

Indoco stated that this acquisition would provide synergies since the company would be engaged in the manufacture of pharmaceutical products and FPP would be engaged in the distribution and marketing of the pharmaceutical products in the USA.

“This development will facilitate the exchange of knowledge and best practices, further enhancing the overall competitiveness and growth potential of both organizations. Leveraging FPP's well-established distribution network, Indoco will have a greater reach and accessibility to a wider US customer base”, said Aditi Panandikar, Managing Director – of Indoco Remedies.

The company's stock was trading 0.40 per cent lower at Rs 332.15 per scrip as of 11:08 AM on BSE.