Ahmedabad-based Hester Biosciences Ltd, a poultry vaccines manufacturing company, has acquired Gujarat Agrofarm Ltd for Rs 0.52 crore, as per a stock market disclosure.
Incorporated in 2007, Gujarat Agrofarm manufactures growth or culture media. Growth or culture medium supports the growth of micro-organisms or cells, or small plants.
The acquisition would enable Hester in saving over Rs 1.5 crore annually towards growth media procurement costs, it said.
Hester Biosciences Ltd (formerly Hester Pharmaceuticals Ltd) is a poultry vaccines manufacturing company which offers live and killed vaccines such as newcastle disease vaccine, bronchitis vaccine, infectious bursal disease vaccine and bronchitis vaccine. Founded in 1987, the firm also offers diagnostic kits.
In 2012, Hester acquired New Delhi-based Innoves Animal Health Pvt Ltd for an undisclosed amount.
Hester's scrip was trading at Rs 419.50, up 4.17 per cent on BSE in a strong Mumbai market on Friday at 2.57 PM.
(Edited by Joby Puthuparampil Johnson)