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 $3.6 million to foray into the Brazil’s market.
“Alivira Animal Health Ltd 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 $3.6 million to acquire a 70 per cent stake in the company, of which $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 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 therapeutic support and it had registered sales of $5.8 million in 2015.
Last year, Alivira Animal Health completed the acquisition of animal health business of Lyka Exports.