Strides Arcolab's JV acquires Farma Plus, Norway
JV of Strides Arcolab and Invent Farma of Iceland Acquires 100% Ownership of Farma Plus, Norway
- The Joint Venture Company 'Plus Farma' signs a share purchase agreement with the shareholders of Farma Plus, Norway for the acquisition of its business.
- Farma Plus is an emerging player of hospital products in the Scandinavian market.
- Farma Plus will spear head both Strides and Invent Farma's entry strategy in the Scandinavian markets and offers an excellent opportunity to create a significant operation in the region.
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BANGALORE, India and REYKJAVIK, Iceland, Feb. 1, 2007--Strides (through its wholly subsidiary Strides Arcolab International Limited, UK) and Invent Farma group's 50:50 JVC 'Plus Farma ehf' today announced that a share purchase agreement has been entered into with the shareholders of Farma Plus, which provides for Plus Farma ehf to acquire 100% of Farma Plus located in Oslo, Norway for an undisclosed value.
Commenting on the acquisition Arun Kumar, Vice Chairman and
Managing Director of Strides Arcolab and Jose Luis Malagarriga, CEO
of Invent Farma and in a joint statement stated "the signing of the
Share Purchase Agreement with the shareholders of Farma Plus is a
key strategic initiative for both partners and will help to achieve
significant critical mass in the Scandinavian market"
*About Strides Arcolab*
Strides, listed on the Bombay Stock Exchange Limited (532531) and
National Stock Exchange of India Limited (STAR), is one of India's
largest exporters of branded generic pharmaceutical products.
Strides manufactures pharmaceuticals formulations in various dosage
forms, including capsules, tablets, liquid injectables and is one
of the world's top five manufacturers of softgel capsules. Strides
also has the only globally dedicated soft gel facility for
hormones. In addition, Strides undertakes contract research and the
manufacturing of specialty chemicals for various multinational
companies. Strides has a major presence in various developing
countries such as Africa, Latin America and Asia as well as in
developed markets such as the US, Canada and part of Europe.
Strides is one of the largest Indian suppliers of institutionally
funded aid projects and is an approved supplier to the World Bank,
the African Development Bank and UNICEF, amongst others.
Strides has 14 manufacturing plants spread across the US, Brazil,
Mexico, Italy, Poland, Singapore and India. This broad
manufacturing network facilities partnering with global
organizations ranging from UNICEF and WHO-Global Drug Facility to
European and American pharmaceutical multinationals and also
private labelers and distribution chains. Strides has product
registrations in over 37 countries around the world and has earned
ISO 9001, ISO 14001 and GMP accreditations including USFDA. Strides
employs approximately 1,700 people across the globe. Strides also
have a marketing presence in over 50 countries.
Additional information is available at the Company's website at
www.stridesarco.com.
*About Invent Farma*
* *
Invent Farma ehf. is a vertically integrated group of generic pharmaceutical companies with three development centres in Reykjavik, Barcelona and Mumbai and two manufacturing plants, one for API's and another one for finished dossage forms in Barcelona, Spain. It develops, patents, registers, manufactures and markets a broad range of generic pharmaceutical products both for hospital and non hospital use which are distributed worldwide either directly or through various partnerships.
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*For further information, please contact:*
* *
*Arun Kumar*
*Vice Chairman & Managing Director*
*Or*
*K R Ravishankar*
*Executive Director*
*Strides Arcolab Limited*
*Rakesh Sharma/ Shalaka Parab*
*Adfactors PR Pvt. Ltd; Mumbai*
Ph: +91 80 6658 0110
Fax: +91 80 6658 0200
22 28216224
rakesh@adfactorspr.com/ shalaka@adfactorspr.com
Shalaka Parab Sr. Account Executive
Adfactors Public Relations Pvt. Ltd. Shalaka, Maharshi Karve Marg, Cooperage, Mumbai 400021. Tel: +9819368005; +91 22 22813565; Ext- 239 Fax: +91 22 2281 3569 Email: adfactorspr.sp@gmail.com; shalaka@adfactorspr.com
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