Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Elder Pharmaceuticals, which has 61% stake in its Bulgarian subsidiary Elder Biomedia through the company's wholly owned subsidiary in Dubai, has further increased its stake in Elder Biomedia to 92.2%.
Subscribe to our email newsletter
According to the report filed with the Bombay Stock Exchange, the Mumbai-based company will increase its board presence to five seats from the previous two in the seven-member board, giving it a complete control of the Bulgarian subsidiary.
In 2008, Elder Biomeda acquired 100% stake in three small healthcare firms in Bulgaria that belong to the Biomeda group through a share-swap deal. The promoters of Biomeda group acquired 49% equity in Elder Biomeda as part of the sale.
Elder Biomedia is a distributor and manufacturer of oral drugs in the Bulgarian pharma market. Elder Pharma is mulling to sell Elder Biomedia’s products in Bulgaria before the end of the calendar year.