Ahmedabad-based Torrent Pharma is in advanced talks to buy bulk drugs supplier Glochem Industries for about Rs 300 crore, people aware of the development said.
Glochem is a medium-sized company that makes bulk drugs, or active ingredients, which are used as raw material for medicines. The privately held company owns a few USFDA-approved sites in Hyderabad and Vizag where oral bulk actives are manufactured. Torrent could use Glochem’s FDA-approved sites as “building blocks”, as it aims to significantly ramp up its us businesses, said one of the persons cited earlier, requesting anonymity. Torrent had earlier expressed appetite for inorganic growth and was among a handful of bidders for Hyderabad-based injectables maker Gland Pharma, but eventually backed out as valuations for that asset soared well above a billion dollars. Torrent has two API units in Gujarat — one each at Indrad and Dahej — and a large part of its demand is met via external suppliers.