Strides Arcolab enters into share purchase agreement to acquire Farma Plus

Strides Arcolab Ltd has announced that the Company (through its wholly subsidiary Strides Arcolab International Ltd, UK) and Invent Farma group's 50:50 JVC 'Plus Farma ehf' on February 01, 2007, has announced that a share purchase agreement has been entered into with the shareholders of Farma Plus, which provides for Plus Farma ehf to acquire 100% of Farma Plus located in Oslo, Norway for an undisclosed value.

Commenting on the acquisition Arun Kumar, Vice Chairman and Managing Director of the Company and Jose Luis Malagarriga, CEO of Invent Farma and in a joint statement stated "the signing of the Share Purchase Agreement with the shareholders of Farma Plus is a key strategic initiative for both partners and will help to achieve significant critical mass in the Scandinavian market".

Fharma Plus is an emerging player of hospital products in the Scandinavian market.

Farma Plus will spear head both Strides and Invent Farma's entry strategy in the Scandinavian markets and offers an excellent opportunity to create a significant operation in the region.

Source : Equity Bulls

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