Dhaka, Bangladesh
Beximco buying Nuvista

Beximco buying Nuvista

Beximco Pharmaceu-ticals has announced it may buy Nuvista Pharma to rev up its hormones and steroid drugs section, reports bdnews24.com. This would be the first acquisition of any pharmaceutical company by another in Bangladesh, once finalised. The two pharmacos on Thursday signed a deal under which Beximco may acquire a majority shareholding of 85.22 percent in Nuvista, according to a joint news release from the companies. Nuvista, formerly Organon (Bangladesh) Ltd, was a subsidiary of the Netherlands-based Organon International. It was sold out to the current Bangladeshi management in 2006. It specialises in hormones and steroid drugs. The company has been operating in Bangladesh since 1964, with a local manufacturing facility at Tongi, Dhaka. It also has a long-term manufacturing and marketing collaboration with Merck Sharp & Dohme. According to the QuintilesIMS Q2 2017 data of the retail pharma market in Bangladesh, Nuvista currently ranks as the 21st largest supplier to the market by volume. Nazmul Hassan, Managing Director of Beximco Pharma, and Akhter Matin Chaudhury, Chairman of Nuvista Pharma, signed a non-binding Memorandum of Understanding or MoU. The firms said in the release the proposed acquisition "remains subject to due diligence and negotiation and completion of a definitive Sale and Purchase Agreement". "The Directors believe that the Proposed Acquisition will, if completed, accelerate revenue growth and improve the earning potential for Beximco Pharma." Beximco expects the proposed acquisition will be completed by the end of this year. It quoted Nazmul Hassan as saying, "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," he added.

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