Elder Pharmaceuticals has raised its stake in its Bulgaria based subsidiary
Elder Biomeda AD by 10 per cent for an undisclosed sum.
With this development, Elder's total stake in Elder Biomeda stands at 61 per
cent, the remaining 39 per cent stake is held by the original owners of the
Biomeda Group.
In April 2008, Elder had formed a subsidiary in Bulgaria called Elder Biomeda
AD, which acquired 100 per cent equity in three leading Bulgaria based
healthcare companies belonging to the Biomeda Group. The original owners of the
Biomeda Group of companies were in exchange given 49 per cent shares of Elder
Biomeda AD at that time.
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Elder
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