Strides Pharma acquires majority stake in Switzerland-based drugmaker Fairmed
Strides Pharma Science Ltd has bought a majority stake in Switzerland-based Fairmed Healthcare AG, the supplier of generic products and over-the-counter drug.
Under this deal, Strides has acquired a 70% stake in Fairmed for around Rs 16 crore. This acquisition has been made through its step-down subsidiary Strides Pharma Global Pte Ltd (SPG).
With this acquisition, Strides Pharma will expand its presence in Germany, Austria and Switzerland.
Founded in 2012, Fairmed consists of a portfolio of more than 30 products include prescription and OTC drugs, as well as dermo-cosmetics and dietary supplements. The firm clocked net sales of 5.8 million euros in 2018.
Strides primarily focus on the manufacturing of niche finished dosage formulation. The company has global manufacturing units in India, Singapore, Italy, Kenya and the US.
In order to expand its presence in the US, Strides acquired a manufacturing unit in Florida from Micelle BioPharma Inc last month.
In July, the Indian drugmaker said it is foraying into China by forming a joint venture with Sun Moral International Ltd, a wholly-owned unit of Chinese firm Sihuan Pharmaceutical Holdings Group Ltd.