Darya Varia buys stake

Darya Varia buys stake

HONG KONG (Reuter): First Pacific Co Ltd said yesterday its Indonesian pharmaceutical unit PT Darya Varia Laboratoria had acquired the 40 percent it did not already own of PT Pradja Pharin for Rp 43.8 billion (US$18.9 million).

First Pacific added that PT Wigo acquired 100 percent of pharmaceuticals distributor PT Pradja Farma Hoslab for Rp 17.1 billion. Both deals were approved by Darya Varia shareholders at an extraordinary meeting on Jan. 26, it said.

Darya Varia acquired 60 percent of Pradja Pharin in January 1995 for Rp 43.848 billion.

The acquisition of the remaining 40 percent will enable Darya Varia to cost-effectively pursue operational innovations to make Pradja Pharin a competitive manufacturer and marketer of human pharmaceuticals, First Pacific said.

Darya Varia planned to have Pradja Pharin achieve a product mix in 1996 whereby over-the-counter and consumer related products contributed 16 percent of total sales while ethicals contributed around 83 percent, it said.