AsianScientist (Aug. 24, 2011) – Aventis Pharma Limited (part of the Sanofi Group) announced today that it has entered into a definitive agreement to acquire Universal Medicare Private Limited’s business of marketing and distribution of branded nutraceutical formulations in India.
Approximately 750 commercial employees will transition to Aventis Pharma Ltd. The transaction, which has been approved by the Boards of Directors of both companies, is expected to close in the fourth quarter of 2011.
Universal Medicare, headquartered in Mumbai, manufactures, markets, and distributes branded nutraceutical formulations in India. For the year ended March 31, 2011, the company’s turnover of the business to be acquired was approximately Rs. 1100 million (US$24.2 million).
Aventis Pharma Limited is listed on the Bombay and National Stock Exchanges. The company focuses its activities in the following areas – diabetes, oncology, cardiovascular diseases, thrombosis, central nervous system disorders, and internal medicine.
This move is also synergistic with the growth strategy of Sanofi, a majority stakeholder in Aventis Pharma Limited. 60.4 percent of Aventis Pharma’s paid up share capital is held by Sanofi and its 100 percent subsidiary, Hoechst GmbH.
“This strategic acquisition will allow Aventis Pharma and Sanofi Group to reach out to large sections of India’s population through a broad offering comprising of pharmaceuticals, vaccines and now nutraceuticals,” said Dr. Shailesh Ayyangar, Managing Director – Aventis Pharma Limited and Vice President – South Asia, Sanofi.
Universal Medicare’s portfolio of over 40 branded formulations represent key categories within the nutraceutical market, that are primarily antioxidants, vitamins and mineral supplements, anti-arthritics, anti-osteoporotics, liver tonics, and other nutrients. It has manufacturing facilities at Sarigam (Gujarat) and Bengaluru (through its Group companies).
Under the proposed transaction, Universal Medicare will manufacture the products that Aventis Pharma will be acquiring on mutually agreed terms.
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Source: Aventis Pharma Limited.
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