Japan's Meiji acquires Bangalore-based Medreich for $290 mn

Meiji said the acquisition will be completed as early as possible, subject to the approval of the regulatory authorities.

Japan's Meiji Holdings Ltd today said it has acquired Bangalore-based pharmaceutical firm Medreich for USD 290 million. The acquisition is through the operating subsidiaries, Meiji Seika Pharma Co Ltd, the company said in a filing to the Tokyo Stock Exchange.

The price of the acquisition of the entire shareholding in Medreich was agreed between the shareholders at USD 290 million, the company said. Meiji said the acquisition will be completed as early as possible, subject to the approval of the regulatory authorities. Comments from Medreich could not be obtained as mailed query remained unanswered.

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Rothschild advised Medreich Ltd in the deal. Post-acquisition Medreich will be a fully-owned subsidiary of Meiji Seika Pharma but the company has no plans to change the name of the acquired entity. Medreich does contract manufacturing of pharmaceutical formulations (CMO) and contract development and manufacturing (CDMO). Besides, it sells generic pharma products to Europe, Asia and Africa.

The Meiji Group had announced its intention to enter the global generics field in a big way with its "Meiji Group 2020 Vision", that includes focusing on developing, research and development, manufacture and sale of new drugs in the area of infectious diseases and diseases of the central nervous system.

The group has interest in manufacturing and selling confectioneries, dairy products and pharmaceuticals.

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