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Thursday, September 06, 2007

Elder Pharma - Going To Bulgaria

Elder Pharma Buys 51% In Biomeda Of Bulgaria

Mumbai-based Elder Pharmaceuticals has acquired 51% stake in Biomeda Group in Bulgaria for euro 5 million (around Rs 28 crore) in an all-cash deal. Biomedia has a turnover in the range of euro 10-12 million.

With the acquisition, Elder will see the launch of many more products in Europe. Biomeda is Elder’s second acquisition in less than 45 days. Earlier, Elder bought 20% stake in London-based NeutraHealth through subscription of shares worth about Rs 47 crore.

"Biomeda is an unique acquisition. It is a manufacturer of oral dosage formulations. The acquisition will provide us the right entry vehicle to enter the Bulgarian market, leveraging Elder’s robust EU product portfolio and pipeline. Elder will enjoy a pan-European presence, covering all the key markets of Europe," said Alok Saxena, director (international), Elder.

"The Bulgarian market's skilled labour, which has an advantage in terms of lower labour cost compared to other European countries, attracted us. Being a member of the European Union, patent rules are in line with EU standards. Corporate tax and VAT are among the lowest in central and eastern Europe with low production costs."

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