Senores Pharma to acquire 14 ANDAs from Dr. Reddy’s; shares jump over 6%

Senores Pharmaceuticals Ltd said on Tuesday it has agreed to acquire 14 Abbreviated New Drug Applications (ANDAs) from Dr. Reddy’s Laboratories and its affiliates.

The transaction, made through Senores’ wholly owned US subsidiary, includes 13 ANDAs already approved by the US Food and Drug Administration (FDA) and one awaiting regulatory clearance.

The acquired products have an estimated market opportunity of $421 million as of December 2024, according to IQVIA data, and approximately $1.13 billion based on September 2024 figures from data provider Symphony.

Senores said the acquisition would be funded through proceeds from its December initial public offering (IPO), in line with the company’s stated objectives in its red herring prospectus.

“We are glad to announce the acquisition of a basket of products from Dr Reddy's. It spans across various therapeutic areas with growing consumption,” said Swapnil Shah, managing director of Senores Pharmaceuticals Ltd.

“These products can be distributed through multiple/diverse channels, with large requirements in government, retail and specialty clinics. This Portfolio of products significantly increases our products offering in the US, and also it has a significant value in other Regulated and Semi-Regulated markets of the world,” he added.

Senores, which develops and manufactures a range of pharmaceutical products for the US, Canada, India, and other international markets, currently has 27 approved ANDAs and 21 contract manufacturing products in the US. The company also manufactures complex generics and critical care injectables.

The company has two formulation manufacturing facilities, one in Atlanta, US, which is USFDA approved and DEA/BAA compliant, and another in Chhatral, Ahmedabad, which is WHO-GMP approved for emerging markets.

It also operates two active pharmaceutical ingredient (API) manufacturing units in Ahmedabad—one in Chhatral and the other in Naroda.

Senores Pharma made a strong market debut in December 2024, listing at a 53% premium at Rs 600 per share on the NSE over its IPO price of Rs 391. The IPO was oversubscribed 93.4 times during its subscription period from December 24-27, 2024.

Shares of Senores Pharma rose 6.33%t to Rs 564.10 on Tuesday.