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Last Updated : Sep 10, 2014 05:18 PM IST | Source: Moneycontrol.com

Sequent hits record high, arm to buy 60% stake in Turkey co

"Ireland subsidiary Alivira Animal Health has entered into an agreement to acquire 60 percent stake in Provet Veterinary Products, Turkey," said the company in its filing, adding the transaction is expected to close in October 2014.

 
 
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Shares of Sequent Scientific rallied more than 8 percent to end at record closing high of Rs 494.65 on Wednesday on announcement of subsidiary buying majority stake in Turkey-based company.


"Ireland subsidiary Alivira Animal Health has entered into an agreement to acquire 60 percent stake in Provet Veterinary Products, Turkey," said the company in its filing, adding the transaction is expected to close in October 2014.

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The company has not disclosed financials details of the transaction.


After this transaction, the current promoter of Provet will hold the balance 40 percent and will be part of the management team at Alivira that gets access to USD 400 million Turkish veterinary market, it added.


Formulations currently account for about 22 percent of Alivira business, a joint venture company between Sequent Scientific and Shasun Pharmaceuticals. With this acquisition, formulations will account for a third of Alivira revenues.


"With a ready portfolio of over 100 formulations, largely in the difficult space of injectibles, and a newly established state-of-the-art facility which would soon be offered for European Union Good Manufacturing Practice approval, Provet provides us the right platform to aggressively expand veterinary formulations business in Middle East and North Africa (MENA), and Central and Eastern Europe (CEE) regions," said Manish Gupta, CEO, Sequent.


Posted by Sunil Shankar Matkar



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First Published on Sep 10, 2014 05:18 pm
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