Aug 25, 2020, 05:30 EST
Bronx, United States, Aug 25, 2020, 05:30 /Comserve / -- On Monday morning, i.e., August 17, 2020, the vaccine manufacturer Biological E Ltd announced the acquisition of one of the subsidiaries of US-based Akorn Inc., Akorn India Limited.
Hyderabad, August 18, 2020: On Monday morning, i.e., August 17, 2020, the vaccine manufacturer Biological E Ltd announced the acquisition of one of the subsidiaries of US-based Akorn Inc., Akorn India Limited. The firm claims that the addition. will give a boost to its manufacturing capacity to provide its vaccines and injectable medications. BE is a manufacturer of vaccines and specialty generic injectable medicines. It currently is working to develop COVID-19 vaccine and believes that Akorn India’s facilities will be of great help to produce a massive scale of COVID vaccine at an appropriate time. The Director of BioE Holdings Inc., Narender Dev Mantena, who is the head of the novel vaccines’ initiative, said the acquisition would help BE to meet the growing demands of its specialty generic injectables for the US and EU clients.
On August 13, the company also signed an accord with Johnson & Johnson subsidiary, Janssen Pharmaceutica NV, for the production of drug substance and product for Johnson & Johnson’s COVID vaccine testing candidate which is currently in Phase 1 and 2 of clinical trials. During the same day, the firm announced another significant agreement with the Baylor College of Medicine in the US for the advancement of a safe, and efficient as well as affordable protein based COVID vaccine.
As per the second-quarter 2020 financial reports of Akorn India, the Company represented a net loss of USD 69 million. The net revenue for Q2-2020 was registered as USD 120.3 million, which is 32.4% less than that of USD 178.1 million of Q2-2019. Alongside, the gross profit of the Company for Q2-2020 was recorded as USD 31.1 million as compared to the USD 68 million in Q2-2019. This decrease in profits is primarily due to the COVID pandemic, which created unfavorable conditions all around the globe.
About Biological E Ltd.
The company was started in 1953 as a biological products firm producing liver extracts and anti-coagulants. Begun during the Swadeshi Movement, the company evolved as an organization and now has four business units: Branded Formulations, Speciality Generic Injectables, Synthetic Biology and Vaccines and Biologics.
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