Strides Pharma buys 70% in Swiss company

NEW DELHI: Strides Pharma Science on Wednesday said it has acquired 70% stake in Switzerland-based Fairmed Healthcare AG for CHF 2.2 million (over 15.50 crore).

The company's step-down subsidiary Strides Pharma Global 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% 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.

Shares of Strides Pharma Science were trading at 398.50 a scrip on BSE, down 0.08% from its previous close.