Strides Pharma Science on Wednesday said it has acquired 70 per cent stake in Switzerland-based Fairmed Healthcare AG for CHF 2.2 million (over Rs 15.50 crore).
The company's step-down subsidiary Strides Pharma Global Pte Ltd has acquired a majority stake in Fairmed Healthcare AG which has a portfolio of generic products encompassing prescription and over-the-counter drugs across several therapeutic segments, Strides Pharma said in a statement.
"Under the terms of the agreement, Strides Pharma Global Pte will hold 70 per cent of the issued capital of Fairmed. Strides has infused CHF (Swiss franc) 2.2 million into the entity in lieu of the equity stake," it added.
The acquisition further strengthens Strides' footprint in continental Europe, it said.
The business will incrementally have access to Strides' already approved product portfolio for the markets Fairmed operates in, it added.
Shares of Strides Pharma Science were trading at Rs 398.50 per scrip on BSE, down 0.08 per cent from its previous close.
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