Asta Takes Over Beecham Stake In Indian Drugmaker
Asta Medica, the drugmaking arm of Germany's Degussa, has acquired halfof the 4.6% stake held by Beecham Pharma in the Indian drug company, German Remedies. This now gives Asta a 6.93% stake in the company following a similar deal with Nordmark Arzneimittel. Other shareholders in the group include Boehringer Inhelheim and Schering.
Some of German Remedies' leading products are made by Asta, in particular the angina treatment Ildamen (oxyfedrine hydrochloride). The increase in shareholding is viewed positively on the national drug market as the Indian company expects to receive more products in the Asian pipeline.
German Remedies has also asked its shareholders for approval to invest some $3.5 million in other pharmaceutical companies in India or abroad which may be promoted by the company.
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