Indoco Remedies Limited (“Company”) has executed Equity Purchase Agreement on June 5, 2023 for the acquisition of 85% equity stake in FPP Holding Company, LLC (“FPP Holding” or “Target”), a company registered in Delaware, USA (“Acquisition”), for a cash consideration of USD 4.0 million.
FPP Holding is the holding company of Florida Pharmaceutical Products, LLC (“FPP”), a company incorporated in Florida. FPP Holding holds 100% equity stake in FPP. Target entity through FPP is engaged in the business of distribution and marketing of the pharmaceutical products in USA. Its consolidated turnover for calendar year 2022 was USD 4.7 million.
The Target entity and FPP being the part of the same industry as the Company, would provide synergies, since the Company would be engaged in manufacture of pharmaceutical products and the Target entity through FPP would be engaged in the distribution and marketing of the pharmaceutical products in USA.
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