A unit of Strides Pharma has acquired a majority stake in Switzerland-based Fairmed Healthcare AG while Sanofi is selling its manufacturing facility at Ankleshwar, Gujarat to Advent International-backed Zentiva.
Strides Pharma acquires Fairmed Healthcare
Strides Pharma Science Limited (Strides) Wednesday announced that its step down subsidiary, Strides Pharma Global Pte Ltd(SPG), has acquired a majority stake in Switzerland-based Fairmed Healthcare AG.
Under the terms of the agreement, SPG will hold 70 per cent of the issued capital of Fairmed. Strides has infused CHF 2.2 million into the entity in lieu of the equity stake, it said in a press statement.
The acquisition will augment Strides’ footprint in continental Europe with a direct presence in the German speaking markets of Germany, Austria and Switzerland collectively called as DACH region, it added.
Sanofi sells Gujarat facility to Advent-backed Zentiva
Sanofi India Ltd Wednesday said that its board has approved the slump sale and transfer of its manufacturing facility at Ankleshwar, Gujarat to Advent International-backed Zentiva Pvt Ltd for a consideration of Rs 261.7 crore.
The sale, which is subject to customary working capital adjustments, was in line with its broader strategy, including to address the excess and unutilised manufacturing capacity and the focus on manufacturing Sanofi branded products, Sanofi said in a statement.