Italy’s Angellini Acraf hikes stake in Elder Pharma

MUMBAI: Italian pharma company Angellini Acraf has hiked its stake in Elder Pharma. The company, which already holds around 10% stake in Elder Pharma, is said to have picked up an additional 4.9% via the open market. According to BSE, the company has picked up 1,72,000 lakh shares at Rs 432.75 per share.

Confirming the development, Alok Saxena, Elder Pharma’s director-international, told ET the recent acquisitions of shares in the company won’t activate the takeover code. “They had informed us of their intent and we had agreed,” he said. Elder Pharma markets three of Angellini Acraf’s products in India under the brand name Tantum. Talks are on to take the marketing and distribution of these products to South-East Asia and Africa.

“We are also discussing other options,” said Mr Saxena. They are looking at manufacturing of bulk drugs.

Elder is engaged in manufacturing of a wide range of pharmaceutical products through research and development and also in the manufacturing and marketing of diverse products through licensing agreements with international pharmaceutical companies. The company is also engaged in the manufacturing of active pharmaceutical ingredients.