Acraf To Pick 10% Stake In Elder Pharma

Mumbai, Aug 26 | Updated: Aug 27 2004, 05:30am hrs
Italy-based Angelini Acraf Spa will pick up a 10 per cent stake in Elder Pharmaceuticals Ltd for $5.5 million (approximately Rs 25 crore) at a price of Rs 160 per share through a preferential allotment. Elder has made an allotment of 10 per cent of the expanded share capital of the company to Angelini ACRAF Spa of Italy.

The company in a notice to The Stock Exchange, Mumbai (BSE) has informed that the board of directors at its meeting held on August 25, 2004 has decided to seek members approval for this allotment of 15.99 lakh equity shares representing 10 per cent of the expanded share capital of the company to Acraf Spa.

Said Elder Pharma director - international division Alok J Saxena, Elder Pharmaceuticals has a long term relationship with Angelini Acraf, which is one of the top pharmaceuticals company in Europe. We already have an in-licensing agreement with Angelini for Tantum, which is a non-steroid anti-inflimatory drug. He said that the two companies would be looking at a joint effort in the area of research.

We are also looking at marketing our active pharmaceutical ingredients (APIs) and generics in the overseas market leveraging on the network of Angelini added Mr Saxena.

The board of Elder has also sought approval for allotment of up to 10 per cent of the issued share capital of the company as on July 31, 2004 to the employees of the company under a scheme titled Elder ESOP 2004.

With a global sales turnover of Rs 235 crore, it offers not only world class bulk drugs and pharmaceuticals but also medical devices and instrumentation, OTC/consumer products, industrial products, cardiac therapy and wound care product.