Recipharm AB has reached an agreement to acquire the remaining 26% of shares of Nitin Lifesciences Ltd. for a total consideration of approximately $42.7 million.
 
Thomas Eldered, chief executive officer of Recipharm said, “I have been particularly pleased with the way the performance in Nitin Lifesciences has developed since it became part of the Recipharm Group. Both sales and margins have grown in the business despite the recent macro-economic volatility in India and we foresee this favorable development to continue. The transaction will allow us to combine and better exploit operational synergies with our other Indian business. The equity investment will align interests of the Sobti family. As such, I have great pleasure in announcing that current chief executives and members of the founding family Dr. Chetan Sobti and Mr. Nitin Sobti shall not only continue to spearhead the current business but also in addition take on the responsibility to develop and grow Recipharm’s total business in the Indian and emerging markets.”

Nitin is a growing Indian pharmaceutical company with a strong presence in Injectable manufacturing. Nitin has three WHO-GMP Certified plants located at Karnal (Haryana) and Paonta Sahib.