Faced with a shortage of active pharmaceutical ingredients (APIs), Unichem Laboratories has picked up close to a 20 per cent stake in two Hyderabad-based companies.

The pharmaceutical firm has picked up stakes in Optimus Drugs and Optrix Laboratories, which are part of the same management. These companies are engaged in the manufacturing and marketing of APIs and intermediates. Unichem will pay close to Rs 120 crore for the holdings.

The transaction is expected to give Unichem access to Optimus’s US FDA approved API manufacturing facilities, while Optimus will gain from the knowledge base and best practices of the former.

The Mumbai-based company added that the key objective of the investment was to gain access to the manufacturing facility of Optimus.

Unichem said the investment will provide it with additional capacity to meet immediate requirements and fulfil its export orders.

Unichem manufactures and markets a large basket of generic pharmaceutical formulations. The company has expertise in research, product development, process chemistry and manufacturing of complex API as well as dosage forms. The Optimus group makes formulations, APIs and intermediates for Indian and other markets.

The announcement failed to lift spirits at the Unichem counter. On the BSE, the stock ended lower by 1.06 per cent at Rs 213.20.

Presently, the group's API vertical has its manufacturing facilities located in Hyderabad and Vishakhapatnam.