According to the report filed with the Bombay Stock Exchange, the Mumbai-based company will increase its board presence to five seats from the previous two in the seven-member board, giving it a complete control of the Bulgarian subsidiary.
In 2008, Elder Biomeda acquired 100% stake in three small healthcare firms in Bulgaria that belong to the Biomeda group through a share-swap deal. The promoters of Biomeda group acquired 49% equity in Elder Biomeda as part of the sale.
Elder Biomedia is a distributor and manufacturer of oral drugs in the Bulgarian pharma market. Elder Pharma is mulling to sell Elder Biomedia’s products in Bulgaria before the end of the calendar year.