"We are very pleased to announce this acquisition and believe it is an important strategic move for SOHM, expanding our presence in the rapidly growing pharmaceutical market. After a thorough due diligence process and proper financing arrangements, we have completed the previously announced acquisition of the tangible and intangible assets, rights and technical intellectual property and formulation of all the products of Novatrend Medicament Pvt. Ltd. This acquisition will bring in a range of dermatology and cosmeceutical products to the product portfolio of SOHM, Inc,” said Shailesh Shah, president and CEO of SOHM, Inc.
“Within the existing 17 products from Novatrend, there are 6 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 7 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,” concluded Shah.
Sanjiv Bosamia of Novatrend, a pharmaceutical veteran, has been appointed as CEO of SOHM’s newly acquired dermatology and cosmeceutical division. His vision and nearly 30 years of experience in the field of pharmaceuticals with special focus on dermatology and cosmeceuticals will bring in strong leadership and guidance to the division and the company. This will further help the company in achieving its goal of transitioning from generic drugs to innovative & knowledge based products.
“Within the existing 17 products from Novatrend, there are 6 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 7 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,” concluded Shah.
Sanjiv Bosamia of Novatrend, a pharmaceutical veteran, has been appointed as CEO of SOHM’s newly acquired dermatology and cosmeceutical division. His vision and nearly 30 years of experience in the field of pharmaceuticals with special focus on dermatology and cosmeceuticals will bring in strong leadership and guidance to the division and the company. This will further help the company in achieving its goal of transitioning from generic drugs to innovative & knowledge based products.
No comments:
Post a Comment