Gufic Lifesciences Ltd, one of the oldest pharma companies in India, today said it has won the last pending regulatory approval for the amalgamation of its injectables unit with itself.
It said it won approval from National Company Law Tribunal Mumbai for the merger last week.
Since the transaction has a date of Jan 1, 2019, the Gufic Lifesciences Ltd will end up restating its financials once the amalgamation is complete.
As a result, Gufic Lifesciences Ltd will have revenue of Rs 355.80 cr for the calendar year 2020, compared to revenue of Rs 347.81 cr posted for the financial year ended March 2021 without taking the transaction into account.
Pretax profit for CY 2020 will now be Rs 40.60 cr, compared to Rs 30.33 cr for the financial year ended March 2020.
Moreover, with the absorption of the injetables-focused company, Gufil Lifesciences Ltd will own a state-of-the-art, EU GMP-approved Lyophilized Injectable plant situated at Navsari in Gujarat.
The factory is used to make injectables for regulated and semi regulated markets, the company said.
“Further, with a rich pipeline of complex and high value lyophilised injectable products targeted at India and international markets, the Company will derive significant synergies from this merger,” Gufic Lifesciences Ltd said.
As a group, Gufic is one of the largest manufacturers of Lyophilized injections in India.
Lyophilization or freeze drying is a process in which water is removed from a substance by freezing it and then placing it under a vacuum, allowing the ice to change directly from solid to vapor without passing through a liquid phase.
Lyophillized medical compounds tend to be more stable than their liquid counterparts and are easier to handle than liquids.
Gufic’s lyophillized product portfolio includes injections containing antibiotics and antifungals, and cardiac, infertility, antiviral and proton-pump inhibitor drugs.