USA's SOHM acquires Novatrend to expand presence in India

California, USA-based generic drugmaker SOHM (Pinksheets: SHMN) has announced the acquisition of business and brands of privately owned Novatrend Medicament, a manufactures pharmaceutical raw material based in Pune, India. Financial terms of the deal were not disclosed.

Shailesh Shah, president and chief executive of SOHM stated, that he believes it is an important strategic move for SOHM, “expanding our presence in the rapidly growing pharmaceutical market,” and noting that the transaction “will bring in a range of Dermatology and Cosmeceutical products to the product portfolio of SOHM.”

He added: “Within the existing 17 products from Novatrend, there are six products that were new to the Indian market. Furthermore, there are 40 more new products that are in the pipeline in coming years. Along with the new product range Novatrend is also bringing its sales network in seven states with 120 established distributors and stockists. Revenue expectations include an additional $1.5 million to the existing revenue of SOHM, Inc. during the fiscal year of 2012, all of which will allow the company to achieve its revenue and profitability goals for 2012 and beyond.”