A communique from the US Pharma player Amneal has announced their acquisition of Ahmedabad based Punishka Healthcare for a value of about Rs.700 crores. Amneal has over several years made capital investments and acquisitions of over $300 million to mark it’s presence in India.
Founded by a reputed industrialist Kalpesh Patel, Punishka is run by brothers Shalin Patel and Karan Patel. The company became one of the largest IV fluid and injectable company in India. Kalpesh Patel, a Chemical Engineer from Gujarat University has studied in the US. Shalin Patel has studied Biomedical Engineering from Georgia Institute of Technology, USA. Karan Patel is also a Chemical Engineer from Massachusetts Institute of Technology.
With this acquisition, Amneal gets Punishka’s 293,000 square foot manufacturing facility in Ahmedabad, with several sterile injectable production lines. Production capabilities include robotic, aseptic and lyophilize vial lines, emulsion lines, and large-volume parenteral bag lines. The deal will enhance Amneal’s injectables manufacturing infrastructure, capabilities. It is also aimed at increasing the company’s capacity to support the US market and help Amneal serve international markets with better reach.
Apart from a state-of-the-art infrastructure, Amnral is set to gain access to approximately 550 Punishka employees with key capabilities in injectables manufacturing, R&D and commercialisation.
Punishka’s forte is it’s ability to manufacture high volume and complex products. Amneal Pharma projects to double their injectables business by 2025. Amneal is targeting to become a leading player in the global injectables market. For Amneal, the acquisition is a pivotal step that enables international expansion
Inspired by their father, Kanu Patel, an industrial pharmacist an immigrant from Gujarat in 1987 Chirag and Chintu Patel had started Amneal in 2002 where they continue to be Co-CEOs. Today, Amneal is one of the leading U.S. generic pharmaceutical companies.