Akums Drugs and Pharmaceuticals Limited (hereinafter referred to as "Akums") has entered into an agreement with one of Leading Global Pharma Company ("Company") for Manufacture and Supply of selected pharmaceutical formulations in European Market. Akums group will manufacture and supply multiple SKUs of Oral Liquid Formulation to be marketed in multiple European countries by the Company.
This is in line with Akums growth objective of expanding in European and other regulated markets. The commercial supply of these products from Akums will commence in 2027 till 2032. Akums group will also initiate European approvals of its oral liquid site which it intends to leverage to manufacture these products. The approval of the site and the product dossiers is expected to be received by 2026. Akums already has 2 of its sites (Injectable and Oral Solids) approved by European Regulators. The composite value of the agreement is approx. Euro 200 million (INR 1,760 crores approx).
Akums group, against this agreement, will receive an upfront payment for product development and site approval from European authorities. The project has been secured with an upfront payment of Euro 100 million (INR 880 crores).
Speaking on this development, Mr. Sanjeev Jain, Managing Director of Akums added "It gives us immense pleasure to enter in a strategic collaboration to manufacture and supply a globally renowned brand for one of the largest multinational pharma company. This opens doors for us to further expand our footprints in regulated markets and replicate the domestic CDMO success globally."
Mr. Sandeep Jain, Managing Director of Akums added "These products are currently being manufactured in Europe. Manufacturing these products in India opens further collaboration opportunities with other global pharma companies to optimize their manufacturing costs and make their supply chain robust. This association is the testimony of our manufacturing excellence and our world class R&D capabilities. With this, we will add one more dosage form in our portfolio, can be offered in European market. Akums already has European approved facility for tablets, hard gelatin capsules, sachets, ampoules, vials, eye-drops and dry powder injection."
Shares of Akums Drugs and Pharmaceuticals Limited was last trading in BSE at Rs. 595.80 as compared to the previous close of Rs. 597.95. The total number of shares traded during the day was 128718 in over 3597 trades.
The stock hit an intraday high of Rs. 625.55 and intraday low of 576.65. The net turnover during the day was Rs. 77483421.00. |
