Drug firm Plethico Pharmaceuticals has acquired a 20% stake in a subsidiary of Tricon Holdings Hong Kong, a leading pharma retail company with a sourcing hub in the UAE for $20 million. The deal will help Plethico to sell its over its products directly across almost all the CIS (Commonwealth of Independent States) countries.
Chirag Patel, the CEO of Plethico said that CIS is largely a credit hungry market and the only “near cash” business in CIS is retail pharmacy, and that their long standing desire of owning a share in the CIS retail pharmacy has been fulfilled.
Last year Plethico acquired US-based nutritional products maker Natrol Inc for $80.7 milllion. Plethico operates in areas such as sports nutrition, confectionery and over the counter drugs. Singhi Advisors were the financial advisors to Plethico on the deal.
Religare Wellness, the drug retail arm of the Singh brothers promoted Super Religare Labs, is another company that has completed acquisitions in the domestic pharma chain space recently. Religare Wellness, previously called Fortis Healthworld, acquired a 90% stake in Delhi-based pharma chain CRS Health for Rs 15 crore in August. Then earlier this month, Religare Wellness acquired Bangalore-based pharma chain LifeKen Medicines for Rs 6 crore.
Super Religare Labs also recently acquired Dubai-based diagnostic lab Mena Healthcare for $20 million.