Colorcon Inc., a Montgomery County pharmaceutical company, has purchased a majority stake in Ideal Cures Pvt. Ltd. to expand its business in India.
Harleysville-based Colorcon did not disclose the price of the stake in the Indian firm. Ideal Cures makes coating systems for medicinal tablets, and "excipients," which are ingredients that make pills stable and add bulk when the amount of active ingredients is small.
Colorcon has a presence in India that Ideal Cures will complement, according to a company statement.
"Colorcon views this acquisition as a further opportunity to expand business in the Indian subcontinent and support the continued growth of the Indian domestic pharmaceutical and supplement markets," Simon Tasker, chief executive officer of Colorcon, said in the statement.
Suresh Pareek, managing director of Ideal Cures, welcomed Colorcon's support.
"This investment ensures that the vision of Ideal Cures is strengthened to continue supporting the healthcare industry in South Asia and further reinforce its relationships with customers," Pareek said.
India ranks third in the world for pharmaceutical production by volume, according to the India Brand Equity Foundation. The country's drug industry supplies 40% of generic medicines used in the U.S.
Colorcon has more than 1,300 employees, according to the company website.