Marksans Pharma buys out US-based Time-Cap Laboratories

NEW DELHI: Drug maker Marksans Pharma today acquired US-based Time-Cap Laboratories for an undisclosed amount. The acquisition was done through its wholly-owned subsidiary, Marksans Pharma.

With this move, the company is strategically increasing its presence in the US market, the largest pharmaceutical market in the world, Marksans Pharma said in a filing to BSE.

New York-based Time-Cap is a manufacturer and marketer of solid dose generic pharmaceuticals, including private label over-the-counter medications, generic prescription drugs and nutritional supplements, it said.

The company manufactures over 50 unique products from its New York facility, including tablets, caplets, capsules and pellets.

Time-Cap's average annual revenue over the past four years is in excess of $30 million per annum, and it achieved an average annual adjusted EBITDA of approximately $4 million, it said, adding, the company currently has no debt.

Marksans Pharma was trading at Rs 63.50 on BSE, up 8.09 per cent, in the morning trade.