Plethico Pharmaceuticals Limited, a leading global healthcare/pharmaceutical company with a strong emphasis on the herbal and neutraceutical segments, announced that it has agreed to acquire a 20 per cent stake in a subsidiary of Tricon Holdings Limited, Hong Kong - a leading company dealing in pharma retail with sourcing base in the UAE.

Under the terms of the effective agreement, 20 per cent of outstanding shares will be acquired in the subsidiary for a cash purchase consideration of $20 million.

Chirag Patel, CEO & whole time director, Plethico, said at the occasion, "We are pleased to announce this acquisition, which will help Plethlco to further consolidate ifs position in the Commonwealth of Independent Slates (CIS) market. The acquisition brings under our fold a strong presence in CIS retail pharmacy. He added that, CIS is largely a credit hungry market and the only "near cash" business in CIS, in our experience is, retail pharmacy and hence our long standing desire of owning a share In the CIS retail pharmacy has been fulfilled."

In addition to India in the OTC segment, Plethico is also a leading player in the Commonwealth of Independent States (CIS), Africa, South East Asia, Latin America. Plethico has now expanded its global footprint to the regulated markets of the United States and Europe.