Uttarakhand-based pharmaceutical company Nichepharm Lifesciences, led by Dr Chetan Sobti and Nitin Sobti, has acquired 24% shares from its joint venture partner Recipharm AB of Sweden. This buyback of equity now makes Nichepharm a fully family-owned business again. The buyback amount was not disclosed.
In 2019, Nichepharm had entered into a joint venture with Recipharm. The Swedish company is a contract development manufacturing organization (CDMO), which helped set up a greenfield site in Uttrakhand with the Sobtis. Recipharm had taken an 8% stake in Nichepharm for approximately Rs 85 crore in 2019, with the option to pick up an additional 16% in 2021. The Sobtis have now bought this back.
In a statement, Nichepharm said it remains committed to delivering cutting-edge pharmaceutical solutions while upholding stringent quality standards to ensure ongoing customer satisfaction. The company is now poised to accelerate its development initiatives, broaden its product portfolio, and explore new opportunities in global markets. The company assured stakeholders that this transaction would not impact current operations or the availability of its products. Specializing in contract manufacturing for major names in the Indian pharmaceutical industry, Nichepharm plans to expand internationally. The company claims a production capacity of 1 billion units for sterile injectables.