Strides Pharma Science, based in Bangalore, announced on Wednesday that it purchased a 70% interest in Fairmed Healthcare AG, based in Switzerland, for 2,2 million Swiss francs (around 115,86 crore). The purchase was produced through the Strides Pharma Global Pte Ltd subsidiary.
Strides Pharma Science shared that Under the terms of the contract, 70% of Fairmed’s issued assets will be held by SPG (Strides Pharma Global Pte Ltd). Strides infused 2.2 million CHF (Swiss Francs) into the organization instead of the equity interest.
Strides also mentioned that Under the terms of the contract, 70% of Fairmed’s issued assets will be held by SPG (Strides Pharma Global Pte Ltd). Strides infused 2.2 million CHF (Swiss Francs) into the organization instead of the equity interest.
According to the Bangalore-based drug maker, Strides ‘ vast international product portfolio and Fairmed’s market access in the DACH region is a highly complementary combination to drive significant growth in the coming years.
After the acquisition, the company will have access to the already authorized product portfolio of Strides for the markets Fairmed operates with supplies from several installations authorized by the EU.
The Indian business works primarily in regulated markets including UK, EU, South Africa, and Canada.
In August 2019, Strides purchased Micelle BioPharma’s soft gel capsule production plant in Florida for $500,000 through its U.S. subsidiary.
The Indian drug manufacturer has two manufacturing sites in Bengaluru and one in Puducherry and Chennai in India, while the facilities in Singapore, Milan, Nairobi, and Florida are situated abroad.
Strides Pharma Science’s shares on the BSE closed at some 398.50, down 0.08% from its prior closing.
Strides, which primarily focuses on the manufacturing of niche finished dosage formulation, has global manufacturing units in India, Singapore, Italy, Kenya and the US.
The company has been active in making acquisition in the past months.