PMC Group Inc., the Mount Laurel chemical and plastics conglomerate, says it plans to become a "major market player" in the global low-cost generic drugs and drug-materials businesses with its purchase of drugmaker Yegna Manojavam Drugs and Chemicals Ltd., its offices and factory in Hyderabad, India. The price was not disclosed.
"This acquisition begins our journey toward building a global pharmaceutical business," said Raj Chakrabarti, vice president and chief strategy officer of the parent company's PMC Group International unit.
Yegna Manojavam makes antibiotic fluoroquinolone drugs (Ciprofloxacin, Norfloxacin, Enrofloxacin, Tramadol). PMC says his company also plans to focus on oncology (cancer-fighting), antidepressant, anti-migraine and neuropsychiatry, gastrointestinal and pulmonary-hypertension treatments.
PMC was founded by former PPG executive Paritosh M. Chakrabarti in 1994. The company has yearly sales of more than $300 million, according to D&B Hoover, the private-company data firm.