Indian Drugs Company Elder Pharmaceuticals Ups Bulgaria Stake

In 2008, Elder Biomeda AD acquired an 100% stake in three small Bulgarian healthcare companies belonging to the Biomeda group through a share-swap deal. Photo by nature.com

Indian drug makers ‘Elder Pharmaceuticals’ has announced that it will increase its stake in Bulgarian subsidiary 'Elder Biomeda' to 61% for USD 12 M.

Elder Pharmaceuticals currently holds 51% in Elder Biomeda but the Mumbai based firm will now increase its board presence to five seats from the earlier two in the seven-member board, giving a complete control of the company. It will also appoint a new CEO.

In 2008, Elder Biomeda AD acquired an 100% stake in three small Bulgarian healthcare companies belonging to the Biomeda group through a share-swap deal. The promoters of Biomeda group subscribed to 49% equity of Elder Biomeda AD as part of the sale.

Elder Biomedia is among the top 10 distributors and manufacturers of oral drugs in the Bulgarian pharmacutical market.

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