Surya Pharma’s arm acquires US’s ActivOn for $22 mn
By IANSTuesday, December 28, 2010
MUMBAI - Surya Pharmaceuticals Tuesday said its subsidiary has acquired US-based ActivOn, a leading over-the-counter (OTC) analgesic drug brand, for $22 million.
“Surya Pharma’s wholly owned subsidiary, Surya Pharmaceutical (Singapore) Pte Ltd, has acquired ActivOn with global marketing rights,” the company said in a regulatory filing.
The investment will be funded through a mix of internal accrual and debt financing from EXIM bank, it added.
Through the acquisition, the company also adds to its portfolio brands like Preferon, Firston and Renewin.
“This acquisition will not only entitle us to ready shelf space with leading retailers like Walmart, Walgreen, RiteAide etc. but will also be instrumental in establishing our presence in the US markets,” said Hariom Bhatia, chief executive officer of Surya Pharma.
“Our presence in the coming years would offer attractive opportunity to launch our OTC or fast moving consumer goods products using ActivOn’s distribution set up,” he added.
At the Bombay Stock Exchange, the shares of the company were up five percent to trade at Rs.30.45.
