Acquisition of a majority stake in Nuvista Pharma confirmed

Bangladesh's largest drugmaker Beximco Pharmaceuticals (AIM: BXP) says it has now confirmed its previously-announced acquisition of Nuvista Pharma, a leading pharma company in Bangladesh specializing in hormones and steroid drugs.

Beximco has entered into share purchase agreements (SPAs) with six shareholders with an aggregate shareholding of 85.22% in Nuvista.

The total consideration for the acquisition has been agreed at a maximum of 2,100,000,000 taka (around $25.3 million), which is subject to adjustment and fulfilment of conditions precedent by each individual Vendor. The final consideration will be paid in cash on completion of the acquisition, which is expected to occur on or before February 28, 2018.