Strides arm acquires PediaCare brand from Swedish co for $5mn

New Delhi : Drug firm Strides Shasun has inked a pact with Swedens Moberg Pharma to acquire PediaCare brand for over USD 5 million.

The companys wholly-owned subsidiary Strides Arcolab International Ltd, UK has entered into an agreement with Moberg Pharma to acquire the PediaCare brand for a total consideration of USD 5 million plus inventory value at closing, Strides Shasun said in a statement.

PediaCare is an established paediatric cough, cold and allergy brand with annual sales of around USD 6 million.

"PediaCare will form an important part of Strides expanding consumer health care portfolio and brings with it expertise in the paediatric segment as well as a strong brand name with global potential," Strides Shasun said.

Shares of Strides Shasun ended 0.63 per cent up at Rs 1,081.05 on BSE.