Elder Pharma acquires 51 pc stake in Bulgarian company

Mumbai, Aug 28 (UNI) City-based pharma major Elder Pharmaceutical Ltd today announced that it has aquired 51 per cent stakes in Bulgaria-based pharma major Biomeda, in a cash deal worth 5 million Euro.

In its announcement, Elder said the acquisition was a part of strategic endeavour to develop greater access in global markets.

This was the second venture that has been made by the company within a span of two months.

The acquisition will allow the company to extend its product portfolio to other European markets.

Elder will soon launch of lines of products in Europe through this acquisition.

Earlier, it had aquired 20 per cent stake in London-based NeutraHealth through subscription of shares worth about Rs 47 crore, a company release said.

UNI