Aventis Pharma to acquire Universal Medicare in India
25 Aug 2011
Aventis Pharma, the Indian arm of French drug giant Sanofi, yesterday said that it will acquire Mumbai-based Universal Medicare's marketing and distribution business in order to expand its over-the-counter (OTC) business in India.
Although Aventis did not divulge the financial terms of the deal, The Economic Times, citing people familiar with the development, pegged it at around $100 million (Rs450 crore).
Universal, owned by Vikram Tannan and family, manufactures, markets and distributes branded nutraceutical formulations.
With its two manufacturing facilities located in Gujarat and Bangalore, Universal has more than 40 products that include the popular cod liver oil capsules brand Seacod that has been part of almost every Indian household for more than 50 years.
It also has other OTC products that are primarily antioxidants, vitamins and mineral supplements, anti-arthritics, anti-osteoporotics, liver tonics, and other nutrients, all of which, had sales of Rs115 crore.
With this acquisition, Aventis said that it will advance its sustainable growth strategy in India and facilitate the creation of a consumer healthcare and wellness platform. This move is also synergetic with the growth strategy of Sanofi, a majority stakeholder in Aventis.
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