Sales of Takeda’s LatAm biz, Orchid Pharma enter final stages; Thermo Fisher buys GSK site

By PharmaCompass

2019-05-24

Impressions: 180

Japanese drug major Takeda Pharmaceutical expects to receive binding offers for its Latin American business by the end of the month. Brazilian pharmaceutical group EMS is considered the front-runner in the process, but Blackstone-backed Brazilian investment firm Patria Investments may also deliver a bid, sources told Reuters, requesting anonymity. Takeda expects the business to fetch around US$ 1 billion.

Takeda has been selling assets after the US$ 62 billion purchase of Shire Plc. It is targeting US$ 10 billion in divestments to cut its debt.

Earlier this month, Takeda agreed to sell its dry eye drug Xiidra to Novartis for up to US$ 5.3 billion, and TachoSil, a surgical patch for bleeding control, to Johnson & Johnson’s for US$ 400 million.

Takeda is also farming out the ex-Japan development of its acid-blocker Vonoprazan to a company it has created with the venture partners at Frazier — Phathom Pharmaceuticals.

Orchid Pharma insolvency case: Recently, India’s beleaguered drug company Orchid Pharma Ltd had initiated a second attempt to find a resolution plan under the Corporate Insolvency Resolution Process (CIRP). There is news that Orchid maybe a step closer to that goal, as the Resolution Professional (RP) received three resolution plans as on May 17, 2019.

India’s National Company Law Tribunal (NCLT) had earlier cancelled the resolution plan by US-based Ingen Capital after it refused to infuse the upfront amount, seeking certain data from the pharmaceutical company.

The RP refused to comment on the investors who have submitted their resolution plans in the second attempt. Earlier in a submission with the NCLT, related to the non-payment of upfront amount by Ingen Capital, the RP had said he had received e-mails from Divi's Laboratories Ltd, Gland Celsus Biochemicals and Fidelity Trading Corporation

Orchid is facing financial claims of US$ 449 million (Rs 35 billion). It exports APIs of antibiotics and has two FDA-approved manufacturing plants. It was referred to bankruptcy court by Lakshmi Vilas Bank (LVB) in mid-2018.

Last week, Orchid Pharma informed the exchanges that it had received abbreviated new drug application (ANDA) approval from the US FDA for Risedronate Sodium tablets USP, 30 mg and 35 mg.

Thermo Fisher to acquire site from GSK: In other deals, Thermo Fisher Scientific Inc entered into a definitive agreement to acquire a drug substance manufacturing site in Cork, Ireland, from GlaxoSmithKline Plc for around US$ 100.44 million (€90 million) in cash.

The site produces highly specialized APIs for treating diseases including childhood cancer, depression and Parkinson’s Disease. Thermo Fisher will continue to produce APIs for GSK under a multi-year supply agreement and plans to expand use of the site to develop and produce complex APIs for other customers as well.

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