Gujarat based Senores Pharmaceuticals Ltd on Monday, December 15, announced that it has entered into a share purchase agreement to acquire a 100% equity stake in Apnar Pharma Private Ltd. The acquisition will be carried out in two tranches and has received approval from the management committee of the company’s board. Upon completion of the transaction, Apnar Pharma Private Ltd will become a wholly owned subsidiary of Senores Pharmaceuticals.
The transaction has been valued at an enterprise value of approximately ₹91 crore. Of this amount, around ₹76 crore represents outstanding debt and expected liabilities related to Apnar Pharma’s manufacturing facility that will be taken over by Senores Pharmaceuticals. The remaining consideration of about ₹15 crore will be paid in cash. The cash component will be settled in two stages, with 75% payable in the first tranche and the balance 25% payable in the second tranche.
The acquisition is expected to be completed in two phases. The first tranche is targeted for completion within the current financial year by March 2026. The second tranche is expected to be completed by the second quarter of FY27.
Apnar Pharma Private Ltd is engaged in the manufacturing of generic pharmaceutical formulations. The company operates a manufacturing facility near Vadodara in Gujarat, which has received regulatory approvals from the US Food and Drug Administration, the UK Medicines and Healthcare products Regulatory Agency, and Health Canada. Apnar Pharma was incorporated in Gujarat on December 12, 2014.
In terms of financial performance, Apnar Pharma reported a turnover of ₹15.75 crore in March 2023, which increased to ₹27.56 crore in March 2024. For the financial year ended March 2025, the company recorded a turnover of ₹14.21 crore. Apnar Pharma currently operates primarily in the Indian market.
Senores Pharmaceuticals clarified that the proposed acquisition does not fall under related party transactions. The company further stated that none of its promoters or promoter group entities have any interest in Apnar Pharma.
