Mumbai: Singapore-based drugmaker Invida Holdings said on Wednesday, it has acquired personal care and formulations brands made by New Delhi-based unlisted firm Shalaks Pharmaceuticals for an undisclosed sum.
Invida paid about Rs 127 crore ($25 million) to acquire Shalaks’ brands sold in India, a source with direct knowledge of the deal, told Reuters.
The acquired brands had annual sales of about Rs 40 crore, the source said.
The products are expected to register high growth rates in the coming years, driven by rising disposable incomes, improved access and increased public health awareness, Invida said in a statement.
“This is an important strategic move for Invida, expanding our presence in the rapidly growing Indian pharmaceutical market,” John Graham, chief executive, Invida, said.
“The acquisition of Shalaks’ products positions Invida among the top dermatology companies in India - with the significant potential to increase this position in the coming years,” he said.
MAPE Advisory Group advised Invida on the transaction.