Senores Pharmaceuticals has approved the incorporation of new subsidiaries in Mexico and Canada, strengthening its international expansion strategy while continuing the integration of its recently announced Apnar Pharma acquisition.

At a Board meeting held on August 26, the company approved the incorporation of a wholly owned subsidiary in Mexico, which will be funded through cash consideration with Senores subscribing to 100% of its initial paid-up share capital. 

The entity will focus on the supply and distribution of pharmaceutical products in Mexico, supporting the company’s expansion across Latin America.

The Board also approved the incorporation of a subsidiary in Canada, either directly or through Senores’ wholly owned subsidiary. 

The company will hold at least 51% of the initial paid-up share capital of the Canadian entity, which will focus on the supply and distribution of pharmaceutical products in the Canadian market.

Both entities are yet to be incorporated and will be subject to applicable regulatory and statutory approvals.

The international expansion follows Senores’ previously announced agreement to acquire 100% of Apnar Pharma Private Limited, along with five Abbreviated New Drug Applications (ANDAs), at an enterprise value of approximately Rs. 91 crore.

Apnar Pharma operates a manufacturing facility in Jambusar, Gujarat, with approvals from the US FDA, UK MHRA and Health Canada. 

The facility serves regulated markets including the US, UK and Canada. The acquisition is structured in two tranches, with completion expected to be phased across the current and following financial years.

The acquisition, combined with the planned subsidiaries in Mexico and Canada, is expected to strengthen Senores Pharmaceuticals’ presence across regulated international pharmaceutical markets and expand its supply and distribution capabilities.