Drugmaker Indoco Remedies has acquired 85 per cent stake in the US-based FPP Holding Company, LLC for $4 million (about ?32 crore) from Contract Pharmacal Corp.

The investment marks a significant milestone for the company and will strengthen its position as a key player in the US market, Indoco said.

FPP Holding is the holding company of Florida Pharmaceutical Products, LLC, based in Florida and engaged in the marketing and distribution of generic pharmaceutical products in the US.

“This development will facilitate the exchange of knowledge and best practices, further enhancing the overall competitiveness and growth potential of both organizations. Leveraging FPP’s well-established distribution network, Indoco will have a greater reach and accessibility to a wider US customer base”, said Aditi Panandikar, Managing Director, Indoco Remedies Ltd.

Indoco shares stood at ?335 a piece, Tuesday (9.40 am), on the BSE.