BENGALURU - Indian generic injectables maker Gland Pharma Ltd said on Tuesday it will buy privately held French pharmaceutical firm Cenexi for 120 million euros ($124.3 million) as it looks to expand its presence in European markets.

Carved out from Roche Holding in 2004, Cenexi is a contract development and manufacturing company which makes sterile and injectable pharmaceutical products, with three manufacturing sites in France and one in Belgium.

Most of Cenexi's revenue comes from Europe with exports to global markets. Its turnover dipped to 184.1 million euros in 2021 from 195.3 million euros a year earlier.

Gland Pharma's core markets are the United States, Europe, Canada and Australia. The countries accounted for 72% of revenue during the second quarter.

Including debt, the deal has an enterprise value of 230 million euros and will be funded from internal resources, according to the company.

The announcement comes hours after Bloomberg News reported that Gland Pharma's Chinese parent Shanghai Fosun Pharmaceutical Group Co Ltd was weighing a sale of the company, sending Gland's shares up 7.6%.

($1 = 0.9651 euros)

(Reporting by Anuran Sadhu in Bengaluru; Editing by Shounak Dasgupta)