Shasun Pharmaceuticals and SeQuent Scientific's JV firm Alivira Animal Health Ltd has picked up 60 per cent stake in Turkey's Provet Veterinary Products for an undisclosed sum.
"Alivira Animal Health Ltd has entered into an agreement to acquire 60 per cent stake in Provet Veterinary Products, Turkey," SeQuent Scientific said in a BSE filing today.
Commenting on the announcement, SeQuent CEO Manish Gupta said: "Provet provides us the right platform to aggressively expand our veterinary formulations business in MENA and CEE regions"
The deal is expected to close in October 2014.
"Acquisition fast tracks Alivira's vision to become formidable player in global veterinary business," the company said adding that with the agreement, Alivira gets access to USD 400-million Turkish veterinary market.
Shasun Pharmaceuticals and SeQuent Scientific formed the joint venture to develop, manufacture and sell veterinary products including both API (active pharmaceutical ingredients) and formulations to cater to the global market.
