Strides Pharma Science Ltd has acquired a majority stake in Switzerland-based generic products and over-the-counter drug supplier Fairmed Healthcare AG.
As part of the agreement, Strides has picked 70% stake in Fairmed for 2.2 Swiss Francs (around Rs 16 crore), the Indian drugmaker said in a stock market disclosure on Wednesday.
The acquisition, which will help in expanding Strides’ presence in Germany, Austria and Switzerland, was made through its step-down subsidiary Strides Pharma Global Pte Ltd (SPG), it added.
Founded in 2012, Fairmed’s portfolio of over 30 products include prescription and OTC drugs, as well as dermocosmetics and dietary supplements. The company clocked net sales of 5.8 million euros last year.
Strides, which primarily focuses on the manufacturing of niche finished dosage formulation, has global manufacturing units in India, Singapore, Italy, Kenya and the US.
The company has been active in making acquisition in the past months.
Last month, Strides acquired a manufacturing unit in Florida from Micelle BioPharma Inc to expand its presence in the US.
In July, Strides said it is entering China by forming a joint venture with Sun Moral International Ltd, a wholly-owned unit of Chinese firm Sihuan Pharmaceutical Holdings Group Ltd.
In January, the Indian drugmaker agreed to sell its Australian business and buy companies in the US and Canada, as it reshuffles its overseas portfolio and cut debt.