The Chennai, India headquartered healthcare firm told the country’s Business Standard that the move is designed to revive the fortunes of its unit, Pharmaessence Chemistry Services, which has posted a losses of INR28m ($580,912) and INR34m for the two previous financial years.
Sambhu Prasad, managing director, AHCL told the paper: "This is part our plans to turnaround the subsidiary in the next two to three years. We are looking at tie-ups to develop and manufacture high-value small-volume drugs including for clinical supply from our GMP compliant lab.”
The firm did not respond to Outsourcing-pharma.com’s request for additional information ahead of publication.