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Beximco completes Nuvista acquisition in a first for Bangladesh pharmaceutical industry
Beximco Pharmaceuticals has completed the acquisition of Nuvista Pharma as it aims to rev up its hormones and steroid drug operations in the first acquisition of a firm by another in Bangladesh’s pharmaceutical sector.
Published : 2 April 2018, 07:50 PM
Updated : 2 April 2018, 07:50 PM
Beximco organised a programme at a Dhaka hotel to mark the acquisition with Industries Minister Amir Hossain Amu present as chief guest.
Beximco Group boss Salman F Rahman, Beximco Pharma Managing Director Nazmul Hassan and Nuvista Pharma Chairman and Managing Director Akhter Matin Chaudhury were also there.
Nazmul said they were proud to complete the first acquisition of Bangladesh’s pharmaceutical sector. Beximco now owns 85.22 percent stakes in Nuvista.
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.
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 was the 21st largest market supplier by volume.
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