Aventis Pharma seals deal to buy Universal Medicare

NEW DELHI: Aventis Pharma has entered into a definitive agreement to acquire Universal Medicare’s marketing and distribution business in India. The deal is expected to close in the fourth quarter of 2011, according to a statement issued by Aventis Pharma. ET first broke the news in its edition dated August 23, 2011. Although Aventis did not divulge the deal size, people familiar with the development earlier pegged it at around $100 million. The Mumbai-based company makes OTC products used to treat osteoporosis, arthritis and women’s healthcare. It will buy more than 40 branded nutrition products.

Universal Medicare has 750 commercial employees on board, who will now be a part of Aventis Pharma . Last fiscal, Universal Medicare’s turnover of the marketing and distribution business was around Rs 110 crore. The acquisition will help the French drugmaker scale up its over-the-counter business in India. In India, Sanofi-Aventis Group operates through five entities, including the listed Aventis Pharma, whose share closed at Rs 2,155, up 5.72% on BSE.