Sagent Pharmaceuticals has signed an agreement to acquire 50% interest of its joint venture (JV) partner, Chengdu Kanghong Pharmaceuticals, in the Kanghong Sagent Pharmaceutical (KSPC) JV, for $25m.
KSCP will become a wholly-owned subsidiary of Sagent on the completion of the acquisition.
Sagent CEO and chairman Jeffrey Yordon said that its partnership with Kanghong was instrumental in helping the company navigate the construction and start-up of the facility, which provided with dedicated manufacturing capacity utilizing state-of-the-art isolator technology for aseptic filling.
"The facility was inspected by the FDA in 2012 and has been deemed acceptable for product approvals, which we expect in 2013," Yordon added.
The acquisition is subject to customary closing conditions by The Chengdu Hi-Tech Industrial Development Zone Bureau of Investment Services.
