About Careers Internship MedBlog Contact us

Elder Pharma Acquires Biomeda Group of Bulgaria

by VR Sreeraman on August 28, 2007 at 8:06 PM
Elder Pharma Acquires Biomeda Group of Bulgaria

City-based Elder Pharmaceuticals Ltd Tuesday announced acquisition of Biomeda Group of Bulgaria, a leading pharma group, in an all-cash deal worth Euros 5 million.

The Rs.5 billion Elder has acquired 51 percent stake in Biomeda, which is among the top 10 distributors and manufacturers in Bulgaria with a turnover between 10-12 million Euros.


Elder is planning to aggressively set a foothold in major regulated global markets with specific focus on Europe, Asia Pacific and MENA (Middle East and North Africa) and Latin America. Its acquisition of Biomeda Group in Bulgaria and London-based NeutraHealth earlier is testimony to Elder Pharmaceutical's Global Girdle Strategy, the company said. Elder is trying to tie up various geographical territories with market access and bring them together in a harmonious loop.

"Bulgaria-based Biomeda OOD is a unique acquisition for Elder. It is a manufacturer of Pharmaceutical Oral Dosage formulations. The acquisition will allow Elder to extend its product portfolio to other European markets," said Alok Saxena, director (International), Elder.

He added: "Elder got attracted to the Bulgarian market for skilled labour which has an advantage in terms of lower labour cost compared to other European countries. Being a member of European Union, patent rules are in line with EU standards. Competitive tax regime-corporate profit tax and VAT are among the lowest in central and eastern Europe with low production costs. The economy of the country is stable and is emerging as one of strongest economies out of Europe. Bulgaria by virtue of its strategic geographical location is a natural gateway to the larger markets of CIS, Asia and North Africa."

With the Biomeda acquisition, Elder's European business will grow substantially.

Elder will see the launch of many more products in Europe through this acquisition. Biomeda is Elder's second acquisition in less than 45 days. Earlier Elder got 20 percent stake in London-based NeutraHealth Plc.

Source: IANS
Font : A-A+



Recommended Readings

Latest Corporate News

 Global Report of Work-related Diseases
The first World Health Organisation (WHO)/ International Labour Organisation (ILO) joint global monitoring report shows that more action is needed to ensure healthier, safer, more resilient, and more social workplaces.
New AI Tool Could Ensure Smooth Job Transitions
Successful career transitions could be possible when people leverage their existing skills in the new occupation. A new Artificial Intelligence tool helps employees figure out the right job according to their current skill set.
 Recent Improvements In Pharmaceutical Sector
AI and big data rule the pharmaceutical sector by enhancing the drug development process and increasing the marketing and sales of drugs
Food to be Covered by Insurance Soon
Insurance companies in the US are working towards adding food to their coverage menu to improve the people's health under their coverage and cut hospital costs.
Pharma Companies Have to Support or Risk Damaging Global Reputation
Pharmaceutical companies need to make strategic decisions that will provide financial benefit while showing strong commitment to global health and their patients during the pandemic.
View All
This site uses cookies to deliver our services.By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Use  Ok, Got it. Close
Greetings! How can I assist you?MediBot

Elder Pharma Acquires Biomeda Group of Bulgaria Personalised Printable Document (PDF)

Please complete this form and we'll send you a personalised information that is requested

You may use this for your own reference or forward it to your friends.

Please use the information prudently. If you are not a medical doctor please remember to consult your healthcare provider as this information is not a substitute for professional advice.

Name *

Email Address *

Country *

Areas of Interests