Bengaluru, Aug 27 (IANS): Drug maker Strides Pharma Science Ltd on Tuesday said its US-based subsidiary has acquired the soft gel capsule manufacturing facility of Micelle BioPharma in Florida for $500,000 (Rs 3.6 crore).

"The US Food and Drug Administration (USFDA) approved facility will make soft gel capsule (SGC) suite for formulations with containment needs," said the city-based company in a statement here.

The company said it would invest $1 million (Rs 7.2 crore) to build capabilities and add more dosage formats.

The buyout will make the company have 8 formulation sites worldwide, catering to both regulated and the emerging markets.

The Florida plant in the US will augment the installed capacity here and be an alternative site to support the company's growth plans.

"The US plant will meet the enhanced capacity needs for soft gels and offer an alternate site to our Bengaluru plant," said the statement.

The company's plant on the southern outskirts of Bengaluru has an annual SGC capacity of 2 billion.

The company has two production sites in Bengaluru and one each in Puducherry and Chennai in India, while the overseas facilities are located in Singapore, Milan, Nairobi and Florida.