Friday 19 October 2018 ,
Latest News
  • Legendary singer Ayub Bachhu passes away
  • Dhaka, Riyadh sign 5 MoUs
  • Govt forms taskforce for physical arrangements
  • NBR rolling out e-fiscal devices to check VAT evasion
  • Bangladesh moves down in global competitiveness index
  • 2 female ‘militants’ surrender at Narsingdi hideout
5 October, 2017 10:47:30 PM / LAST MODIFIED: 6 October, 2017 10:44:47 AM

Print

Beximco Pharma to acquire majority stake in Nuvista

STAFF REPORTER
Beximco Pharma to acquire majority stake in Nuvista
Nazmul Hassan MP, managing director of Beximco Pharma, and Akhter Matin Chaudhury, chairman of Nuvista Pharma, exchange documents after signing the MoU yesterday while high officials from both companies were present during the signing ceremony held at Beximco Pharma head office in Dhaka. PHOTO: COURTESY

Bangladesh’s leading medicine producer Beximco Pharmaceuticals Limited yesterday announced that it has entered into a non-binding Memorandum of Understanding (MoU) under which Beximco may acquire a majority shareholding (85.22%) in Nuvista Pharma, a leading pharmaceutical company in Bangladesh specialising in hormones and steroid drugs. The proposed acquisition remains subject to due diligence and negotiation and completion of a definitive sale and purchase agreement.

It is expected that the proposed acquisition will be completed by the end of December 2017, according to a press statement.  

Nazmul Hassan MP, managing director of Beximco Pharma, and Akhter Matin Chaudhury, chairman of Nuvista Pharma, signed the MoU yesterday. High officials from both companies were present during the signing ceremony held at Beximco Pharma head office in Dhaka. Nuvista Pharma, formerly Organon (Bangladesh) Ltd, was a subsidiary of Netherlands-based Organon International. It was sold out to the current Bangladeshi management in 2006. The company has been operating in Bangladesh since 1964, with a local manufacturing facility at Tongi, Dhaka. They also have a long-term manufacturing and marketing collaboration with Merck Sharp & Dohme (MSD). According to the QuintilesIMS Q2 2017 data of the retail pharma market in Bangladesh, Nuvista Pharma currently ranks as the 21st largest supplier to the market by volume. The directors believe that the proposed acquisition will, if completed, accelerate revenue growth and improve the earning potential for Beximco Pharma, the statement added. Beximco Pharma Managing Director, Nazmul Hassan MP, commented: "We believe that this proposed acquisition, would be the first in our company’s history and will serve as a strong foundation for sustainable growth in the future. In our view, Nuvista Pharma is a good strategic fit for Beximco Pharma as their strong position in hormones and steroids, with a unique portfolio of 50 generics, complements our existing product range.”   The company shall make further announcements on progress as appropriate, the statement also said.

MK/DG

 

 

Comments

Poll
Today's Question »
Left-leaning parties want to move alone avoiding Awami League and the BNP alliance ahead of national polls. Do you think the move will help Bangladesh democracy?
 Yes
 No
 No Comment
Yes 50.0%
No 50.0%
No Comment 0.0%
Video
More Bangladesh Stories
Rock star 
Ayub Bachchu 
passes away Iconic rock star Ayub Bachchu, a celebrated guitarist, singer, song writer, composer and founder of rock band LRB, died of cardiac arrest at his Moghbazar residence in the capital yesterday at the age of 56, reports UNB. Dr Mohammad…

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting