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Drug firm SeQuent Scientific said its subsidiary Alivira Animal Health has inked a pact to acquire majority stake in Spain's Karizoo Group for an undisclosed amount
Alivira would acquire 60 percent stake in the family held Vila Vina Particpacions which owns Karizoo Spain, Phytosolutions Spain, Covivet Spain and Karizoo Mexico.
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The company is on a firm growth track and delivered a 43 percent growth in FY16, and plans to do well in FY17, says Manish Gupta, CEO of SeQuent Scientific.
"Alivira Animal Health Limited has signed a definitive agreement to acquire controlling interest (70 per cent stake) in Interchange Industria e Comercio de Productos Veterinarios SA Brazil (Interchange Brazil)," SeQuent Scientific said in a BSE filing.
Sequent Scientific has reported a consolidated total income from operations of Rs 153.98 crore and a net loss of Rs 11.25 crore for the quarter ended Dec '15
"Production has commenced in Vizag facility of wholly owned subsidiary Alivira Animal Health effective from February 04, 2016," the pharma company said in its filing.
Manish Gupta, CEO of Sequent expects the company to grow at 20 percent in next two-three years.
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Earlier in a regulatory filing to the bourses in November, Sequent Scientific had said that its subsidiary Alivira Animal Health was to acquire Turkey's Topkim for 20.7 million Turkiskh Lira (over Rs 48 crore).
Alivira has acquired 85 percent stake in N-Vet AB, Fendigo SA & Fendigo BV. The current management retaining the balance stake.
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"Subsidiary Alivira Animal Health will acquire Topkim llac Premiks San ve Tic AS of Turkey. Acquisition will be made through Provet Veterinary Products, a subsidiary of Alivira," the company said in its filing.
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FIPB said the government has approved six proposals of foreign direct investment worth Rs 1,810 crore on October 30, including proposals from SeQuent Scientific and IIFL Holdings.
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In addition to USFDA, the site also approved by TGA (Australia), and WHO (Geneva) and has four CEPs for its APIs (EDQM) with more in pipeline.
Manish Gupta, CEO of Sequent Scientific discusses company‘s margin expansion plans and outlook.
Sequent Scientific has reported a consolidated total income from operations of Rs 158.58 crore and a net profit of Rs 2.32 crore for the quarter ended Sep '15
In 2014-15, Lyka's animal health business reported a turnover of Rs 23.5 crore.
The current gross debt for the company is above Rs 300 crore but net debt is only Rs 120 crore.The current borrowing cost is around 13.5-14 percent, said Manish Gupta, CEO Sequent Scientific.
Alivira Animal Health, a subsidiary of SeQuent Scientific and Lyka Exports, a subsidiary of Lyka Labs, have entered into a definitive agreement under which Alivira will acquire the Animal Health business of Lyka on a going concern basis.
Manish Gupta, CEO, Sequent Scientifc said the acquisition will not put any debt burden on the books.