Hikal Ltd on Wednesday announced that the company has entered into a multi-year contract with a leading global pharmaceutical company to develop and supplya portfolio of niche APIs over 10 years.
The company did not reveal the name of the global player.
Commercialisation
“The development will start this year and commercial supplies will commence post successful development and plant commercialisation estimated to be in FY 2024 onwards,” a company statement said. With this deal, Hikal is entering into a niche area of chemistry. It also further strengthens its Animal Health vertical.
Hikal and its customer will be jointly investing at its Panoli, Gujarat site to set up a multi-purpose manufacturing asset for manufacturing of these APIs.
‘Multiple opportunities’
Sameer Hiremath, CEO, Hikal, said, ““We are seeing multiple opportunities from several new and existing customers who are looking to diversify and de-risk their existing supply chain,” he said.
The company shares hit an upper circuit with 9.99 per cent gains at ₹313.65 on the BSE.