Strides Pharma buys 70% stake in Switzerland’s Fairmed Healthcare1 min read . Updated: 11 Sep 2019, 09:53 PM IST
- Strides through its subsidiary acquires majority stake in Fairmed for around ₹15.86 crore
- Strides says the acquisition will strengthen its footprint in the European market
NEW DELHI : Bangalore-based Strides Pharma Science on Wednesday announced that it has acquired 70% stake in Switzerland-based Fairmed Healthcare AG for 2.2 million Swiss Francs (around ₹15.86 crore). The acquisition was made through subsidiary Strides Pharma Global Pte Ltd.
“Under the terms of the agreement, SPG (Strides Pharma Global Pte Ltd) will hold 70% of the issued capital of Fairmed. Strides has infused CHF (Swiss Francs) 2.2 Million into the entity in lieu of the equity stake," Strides Pharma Science said in a statement.
The Swiss company has a portfolio of high‐quality generic products encompassing prescription and over‐the‐counter drugs across several therapeutic segments.
“Fairmed has built a strong franchise of supplying high‐quality Rx and OTC products in key European markets and the acquisition will augment Strides’ footprint in continental Europe with a direct presence in the German speaking markets of Germany, Austria and Switzerland collectively called as DACH region," Strides said.
Strides’ vast international product portfolio and Fairmed’s market access in the DACH region is a highly complementary combination to pivot an extensive growth in the coming years, added the Bangalore-based drug maker.
The business, after acquisition, will have access to Strides’ already approved product portfolio for the markets Fairmed operates in with supplies from several of its EU approved facilities.
The Indian company mainly operates in the regulated markets which include the UK, EU, South Africa and Canada.
In August 2019, Strides through its US-based subsidiary had acquired the soft gel capsule manufacturing facility of Micelle BioPharma in Florida for $500,000.
The Indian drug maker has two production sites in Bengaluru and one each in Puducherry and Chennai in India, while the overseas facilities are located in Singapore, Milan, Nairobi and Florida.
Shares of Strides Pharma Science closed at ₹398.50, down 0.08% from its previous close, on the BSE.