Sequent Scientific jumped 4.24% to Rs 150.05 after the company said it entered into definitive agreement with Dr. Huseyin Aydin for the acquisition of 40% stake from him in Provet for $17.10 million.
Sequent will acquire the stake through its Ireland-based wholly-owned subsidiary, Alivira Animal Health. The transaction is expected to be completed on or before 31 October 2020.Alivira Animal Health currently holds 60% stake in Provet which it acquired in 2014. Provet is among the top three and the largest local company in veterinary medicines market in Turkey having market share of 10%. Sequent said the object of acquisition is to consolidate the shareholding in Provet. Consequent to this acquisition, Provet will become a wholly owned subsidiary of the company.
Provet has manufacturing facilities located at Polatli Industrial Zone, Ankara, Turkey. The Ankara facility is EUGMP and Turkish GMP approved with 8 different manufacturing lines. Provet operates in various dosage forms mainly dominated by injectables (solutions/suspensions), oral solutions, pour-on/spot-on, aerosols and intrauterine. There are more than 120 product registrations.
On a consolidated basis, Sequent Scientific posted a 60% surge in net profit to Rs 24.47 crore on a 11.6% rise in net sales to Rs 310.27 crore in Q1 June 2020 over Q1 June 2019.
Sequent is the largest Indian pure-play animal healthcare company with global operations. SeQuent provides animal health Active Pharmaceutical Ingredients (API), formulations, and analytical services in over 100 countries, with more than 1,700 employees and manufacturing operations in India, Spain, Turkey, Germany and Brazil.
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