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Marksans Pharma to acquire 100% stake in Dubai-based Access Healthcare for Medical Products

In the UAE market, the company supplies products through the Dubai Health Authority (DHA).

April 25, 2022 3:40 IST | India Infoline News Service
Marksans Pharma Limited, one of the fastest growing pharmaceutical companies in India, today signed a share purchase agreement to acquire a 100% stake in Access Healthcare for Medical Products L.L.C, a Dubai-based front-marketing and promotion company. This transaction was approved by the Board of Directors of Marksans Pharma on April 23, 2022.

Access Healthcare for Medical Products (Access Healthcare) provides pharmaceutical companies innovative marketing and sales solutions in the MENA (Middle East & North Africa) region. The Company supplies these products in the UAEand other neighboring countries.

In the UAE market, the company supplies products through the Dubai Health Authority (DHA). It has market authorizations by the UAE regulatory authorities for various products. For the year ended December 2021, Access Healthcare for Medical Products posted revenues of AED 12 Mn (Rs250 million) and a profit after tax of AED 4.5 Mn (Rs94 million). The company has no debt on its books.

Commenting on the transaction, Mark Saldanha, Promoter & Managing Director of Marksans Pharma said "We are delighted to welcome Access Health to the Marksans family. Gaining access to key global markets is one of our strategic pillars to enhance shareholder value. Access Health brings deep knowledge of the Middle East and North African (MENA) region, an experienced sales and marketing team, a strong network of distributors and regulatory expertise.

This acquisition strengthens our presence and market-access in the region. We remain committed to our goal of reaching Rs2,000 crore in revenues, improving our margins over the next couple of years and delivering superior returns for our shareholders".

This deal will enable Marksans to use the front-end sales and marketing infrastructure of Access Healthcare for marketing its products manufactured in the India, UK, and USA regions. It will bolster Marksans' presence in the Middle East and North African regions by leveraging Access Health's knowledge of local business cultures and access to a network of partners and distributors in those regions.

The shareholders of Access Healthcare will receive a cash consideration of AED 13 Mn (Rs271 million) on closure of the transaction, which is subject to regulatory approvals. The transaction will be funded from internal accruals.

Marksans Pharma ended at Rs54.25 apiece down by Rs1.55 or 2.78% on the BSE.

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