Drug firm Elder Pharmaceuticals today said it has increased its stake in Elder Biomedia AD, Bulgaria to 92.2 per cent.
"The company has 61 per cent stake in Elder Biomedia AD, through the company's wholly owned subsidiary in Dubai... (it) has further been increased to 92.2 per cent," Elder Pharma said in a filing to the Bombay Stock Exchange (BSE).
The company, however, did not give the financial details of the stake increase.
Elder Pharma had earlier made an offer to acquire UK-based NeutraHealth Plc for nearly 9.80 million pounds (about Rs 70.60 crore) to be executed through the company's wholly-owned subsidiary in Dubai.
Europe remains an attractive market to launch pharmaceutical products, because centralised regulatory ruling allows for immediate access to all member states.
Shares of Elder Pharma today closed at Rs 397.45 at the BSE down 1.89 per cent from its previous close.