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Indian firm to buy Sh1bn stake in Kikuyu based drug maker Universal Corp

Universal Corporation Limited employees pack medical at the firm’s premises in Kikuyu, near Nairobi. PHOTO | FILE

Pharma Strides Shasun, which is listed in India, is set to buy a majority stake in Kikuyu-based drug manufacturer Universal Corporation Limited (UCL) for Sh1.1 billion ($11 million).

Strides Shasun, listed on the Bombay Stock Exchange, announced that it will acquire a 51 per cent stake but the sales price could rise further if UCL hits its revenue targets.

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