Aventis to buy Universal Medicare's nutraceutical business

2865 Investors following Aventis Pharma. Share this News with them.

0

Like this story, share it with millions of investors on M3

Aventis to buy Universal Medicare's nutraceutical business

Sanofi group company Aventis Pharma has entered into an agreement to acquire Universal Medicare's business of marketing and distribution of nutraceutical formulations in India.

Post your opinion here

 

0

Tweet

Share on Tumblr

ALSO READ See latest News about Aventis Pharma See previous management interviews See what other Experts & Brokerages are saying about Aventis Pharma Aventis Pharma BSE | NSE 29/05/12 Are Mutual Funds betting on Aventis Pharma?

Moneycontrol Bureau

Sanofi group company Aventis Pharma has entered into an agreement to acquire Universal Medicare's business of marketing and distribution of nutraceutical formulations in India.

Mumbai-based Universal Medicare manufactures, markets and distributes branded nutraceutical formulations in India through their sales and marketing infrastructure, and the business had turnover of about Rs 110 crore for year ended March 31.

Under the deal, Universal Medicare will manufacture the products that Aventis Pharma will acquire. Around 750 employees will also move to Aventis Pharma, the company said Wednesday.

Aventis Pharma shares surged following the announcement, and at 9:30 hrs were traded up 3.3% at Rs 2,110 on NSE.

"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 of Aventis Pharma and vice president - south Asia, Sanofi.

The acquisition is expected to close in the fourth quarter of 2011, Aventis said.

Universal Medicare's portfolio of over 40 branded formulations represent key categories within the nutraceutical market, that are primarily anti-oxidants, vitamins, and mineral supplements, anti-arthritics, anti-osteoporotics, liver tonics and other nutrients.

Nachiket Kelkar
nachiket.kelkar@network18online.com