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Pharma Firm Hetero Acquires The Manufacturing Plant Of Johnson & Johnson
The company, in a statement, claimed to generate about 2,000 new jobs as a result of this new development
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Pharmaceuticals firm Hetero announced that it has acquired the manufacturing plant of Johnson & Johnson at Penjerla in Telangana. The firm also said it was willing to invest an additional Rs 600 crore in its upgrade. The company has acquired the plant for Rs 130 crore, as per the media reports.
The company, in a statement, claimed to generate about 2,000 new jobs as a result of this new development.
Hetero's flagship sterile pharmaceutical and biologics manufacturing unit will now comprise this facility, which is spread across 55.27 acres.
Hetero's Managing Director, Vamsi Krishna Bandi, said that the company is committed to an investment of upwards of USD 75 million (approximately Rs 600 crore) to upgrade and enhance existing facilities at the site and expand manufacturing of our global biologics and sterile pharmaceutical products.
Hetero stated that, in a slump sale without disclosing the financial details, the brownfield manufacturing facility together with land, plant and machinery had been acquired from Johnson & Johnson Pvt. Ltd. The statement said that PwC acted as the exclusive financial advisor to the company.