New Delhi: Alivira Animal Health Ltd, a subsidiary of Bangalore-based Sequent Scientific Ltd, has acquired a 60% stake in Turkish animal medicine manufacturer Provet Veterinary Products for an undisclosed amount.

Through this acquisition, Alivira will get access to the $400 million Turkish veterinary market. It will also strengthen the company’s formulations business, which contributes around 22% of its total revenue, the company said in a stock exchange statement on Wednesday.

After this transaction, the formulation business will account for one-third of the company’s total revenue.

“With a ready portfolio of over 100 formulations, largely in the difficult space of injectibles and a newly established state-of-the-art facility which would soon be offered for EU GMP (European Union’s good manufacturing practice) approval, Provet provides us the right platform to aggressively expand our veterinary formulations business in MENA (Middle East and North Africa) and CEE (Central and Eastern Europe) regions," said Manish Gupta, chief executive officer of Sequent.

Huseyin Aydin, the founder of Provet, which is a privately owned company, will keep 40% stake in the company and will be part of the management at Alivira.

Provet will roll out new products for markets that Alivira is active in: MENA and CEE.

“We will consolidate our position and target to be one of the top three manufacturers in Turkey. By joining forces with Alivira, Provet will be one of the leading players in this region. We plan to expand the formulation businesses into new markets like Western Europe, South America and Far East," said Aydin.

Alivira, formed as a joint venture between Sequent Scientific and Shasun Pharmaceuticals Ltd, develops, manufactures and sells veterinary products including active pharmaceutical ingredients and formulations.

Earlier this year, private equity firm Ascent Capital, which has around $600 million under management, picked up a minority stake in Alivira.