Elder pharma acquires 51% stake in Bulgaria-based Biomeda

New Delhi, Aug 28 (UNI) Drug maker Elder Pharmaceuticals has acquired 51 per cent stake in Bulgaria-based Biomeda for five million euros.

The Bulgarian company manufactures oral dosage formulation and generates an annual revenue of 10-12 million euros.

''The company got attracted to the Bulgarian market for skilled labour, which has an advantage in terms of lower labour cost compared to other European countries,'' company's Director (International) Alok Saxena said in a statement.

The Mumbai-based company Elder, had also recently acquired 20 per cent stake in London-based Neutrahealth, as part of its expansion programme.

The acquisition would help Elder's European business grow substantially, the statement said.

Elder Pharma currently exports its products to countries such as Nigeria, Vietnam, Mexico, Mauritius, Pakistan, Srilanka and Brazil.

The company recorded sales turnover of Rs 462 crore in the last fiscal from its production facilities at Selaqui and Pontasaheb in Uttarakhand and Langroa in Himachal Pradesh.

UNI