Elder buys Bulgarian firm for 5m euros

Mumbai-based Elder Pharmaceutical Ltd has announced the acquisition of 51 per cent stake in Biomeda Group of Bulgaria at an investment of 5 million euros. Biomeda Group is one of the top ten manufacturers and distributors of oral dosage pharmaceutical formulations and has an annual turnover of 12 million euros. Biomeda is Elder’s second acquisition in less than 45 days. Earlier, Elder bought a 20 per cent stake of London-based NeutraHealth plc through the subscription of shares worth about Rs 47 crores.
Elder Pharmaceutical Ltd director Alok Saxena said, “Elder got attracted to the Bulgarian market because of the skilled labour force. Also, Bulgaria has an advantage in terms of lower labour cost compared to other European countries. Being a member of the European Union, the patent rules in Bulgaria are in line with EU standards.”