Elder Pharmaceuticals has reportedly acquired 51% stake in Biomeda Group in Bulgaria for euro 5 million (around Rs 28 crore) in an all-cash deal. Biomeda Group is a leading pharma group in Bulgaria with a turnover of about 10-12 million euros. With the acquisition, Elder will see the launch of many more products in Europe. Biomeda is Elder’s second acquisition in less than 45 days.
On 26 July 2007 it had acquired a 20% stake in UK’s NeutraHealth Plc for 5.63 million pounds sterling (Rs 47crore). Neutra Health has three subsidiaries selling neutraceutical products such as vitamins, health supplements and over-the-counter medicine. Neutra Health has a turnover of 23 million sterling pounds and a market capitalisation of close to 16.8 million sterling pounds.
Elder’s net profit rose 15% to Rs 15.08 crore in Q1 June 2007 over Q1 June 2006. Sales moved up 15.6% to Rs 120.69 crore.