Colorcon Acquires Stake in Indian Manufacturer of Coatings and Pill Ingredients | Southeastern Pennsylvania

Colorcon Inc., a Montgomery County pharmaceutical company, purchased a controlling interest in Ideal Cures Pvt. Ltd. to expand its activities in India.

Colorcon, based in Harleysville, did not disclose the price of the stake in the Indian company. Ideal Cures manufactures coating systems for medicinal tablets and “excipients”, which are ingredients that make pills stable and add bulk when the amount of active ingredient is low.

Colorcon has a presence in India which Ideal Cures will complete, according to a company statement.

“Colorcon sees this acquisition as a further opportunity to expand its business in the Indian subcontinent and to support the continued growth of the Indian pharmaceutical and supplement markets,” said Simon Tasker, CEO of Colorcon, in the statement.

Suresh Pareek, Managing Director of Ideal Cures, praised Colorcon’s support.

“This investment ensures that the vision of Ideal Cures is strengthened to continue to support the healthcare sector in South Asia and further strengthen its relationships with clients,” said Pareek.

India ranks third in the world for pharmaceutical production by volume, according to the India Brand Equity Foundation. The country’s pharmaceutical industry supplies 40% of the generic drugs used in the United States

Colorcon has more than 1,300 employees, according to the company’s website.

Source link

Virginia C. Taylor

Leave a Reply

Your email address will not be published. Required fields are marked *