US-based pharmaceuticals acquired Ahmedabad-based drug maker Puniska Healthcare


US-based Amneal Pharmaceuticals Inc. has acquired Ahmedabad-based injectable drug maker Puniska Healthcare Private Limited for around Rs 700 crore.

This acquisition is projected to help the company boost its manufacturing infrastructure, capabilities, and capacity to support the US market and serve as a foundation for international markets.

Founded by the Indian-American duo Chirag and Chintu Patel, Amneal Pharmaceuticals runs two manufacturing facilities — one each in Ahmedabad and Dahej in Gujarat. The company has four facilities in India.

“This acquisition is a pivotal step that meaningfully enhances our injectable capabilities for the US market and enables international expansion, including in India, as we look to become a leading player in the global injectables market,” said Chirag and Chintu Patel, Co-Chief Executive Officers (CEOs), Amneal Pharmaceuticals.

Puniska has 2.93 lakh square foot, a state-of-the-art manufacturing facility in Ahmedabad with sterile injectable production lines.

The acquisition also brings to Amneal approximately 550 Puniska employees with key capabilities in injectables manufacturing, R&D and commercialization.

“Puniska’s ability to manufacture high volume and complex products will enable Amneal to build on our robust portfolio and pipeline and contribute to the rapid growth in our injectables business, which we project will more than double by 2025,” Amneal’s Patel brothers further added.

The healthcare and pharmaceuticals sector in Gujarat has seen a flurry of activities pertaining to mergers and acquisitions, private equity deals and fund raising through initial public offerings (IPOs) since the outbreak of the Covid-19 pandemic.