Elder Pharma acquires UK based OTC firm Max Healthcare Ltd

Elder Pharmaceuticals on Monday said its UK arm NutraHealth Ltd has acquired West Yorkshire-based firm Max Healthcare Ltd to re-enter over-the-counter pharmaceutical business for an undisclosed amount.

"Max Healthcare is an OTC business, which owns a range of marketing authorisations and provides own label and branded OTC medicines and products to a broad range of customers," Elder Pharmaceuticals said in a filing to BSE.

The acquisition will help in extending and enhancing the company's OTC product range, it added.

Max Healthcare will be a subsidiary of NutraHealth Ltd and will be managed in parallel with its subsidiary Brunel Healthcare Manufacturing Ltd, Elder Pharma said.

Max Healthcare is predominantly an outsourced operation with most of its manufacturing taking place in India.

Shares of Elder Pharmaceuticals on Monday closed at Rs 334.20 per scrip on BSE, up 2.53 per cent from its previous close.