India’s Elder Pharma bought a 51 per cent stake in the Bulgarian pharmaceutical manufacturer Biomeda, according to Thompson Financial as reported by the UK investment website Hemscott online.

The deal for the manufacturer of oral medications was entirely made in cash.

Elder Pharma’s deal with the Bulgarian company is hoped to help them to secure a place in the European pharmaceuticals market.

According to a representative of the Indian company, the Bulgarian market is attractive to Elder because of its skilled labour pool and lower production costs compared to those of other European countries.