Alivira to take 70 pc in Interchange Brazil for 3.6 mn dollars

New Delhi : Drug firm SeQuent Scientific has said its subsidiary Alivira Animal Health will acquire 70 per cent stake in Interchange Industria e Comercio de Productos Veterinarios SA Brazil for USD 3.6 million to foray into the Brazil's market.

"Alivira Animal Health Limited has signed a definitive agreement to acquire controlling interest (70 per cent stake) in Interchange Industria e Comercio de Productos Veterinarios SA Brazil (Interchange Brazil)," SeQuent Scientific said in a BSE filing.

"As part of the transaction, Alivira will invest USD 3.6 million to acquire a 70 per cent stake in the company, of which USD 2.2 million would be fresh infusion into the company to accelerate growth."

The acquisition will be made through a step-down subsidiary in Brazil of Alivira Ireland, a wholly-owned subsidiary of the company.

The transaction is expected to close in the current quarter and subject to customary closing conditions and approval of the competent courts in Brazil.

Listing of benefits of the acquisition, SeQuent Scientific said Interchange Brazil has a portfolio of over 25 registered products consisting of anti-microbials, parasiticides, sanitisers and products for the therapeutic support and it registered sales of USD 5.8 million in 2015.

Last year, Alivira Animal Health completed the acquisition of animal health business of Lyka Exports.