India's Elder Pharmaceuticals Ltd said it has bought a 51 pct stake in Bulgarian pharmaceutical distributor and manufacturer, Biomeda Group, in an all-cash deal worth 5 mln eur, to gain a foothold into the major regulated global markets with specific focus on Europe.
Biomeda reported a turnover in the range of 10-12 mln eur last year and is a manufacturer of pharmaceutical oral dosage formulations.
'The acquisition will allow Elder to extend its product portfolio to other European markets,' said Alok Saxena, Elder Pharmaceuticals director.
According to Saxena, Elder is attracted to the Bulgarian market for its skilled labour and lower production costs compared to other European countries.
Last month, Elder made a 20 pct strategic investment in UK-based NeutraHealth PLC at 16 pence per share.( Hemscott)