SOHM Announces the Acquisition of Novatrend Medicament Private Limited
Published: Nov 23, 2011
BUENA PARK, CA--(Marketwire - November 23, 2011) - SOHM, Inc. (PINKSHEETS: SHMN), a generic pharmaceutical manufacturer that produces and markets generic drugs covering all major treatment categories, today announces the acquisition of business and brands of privately owned Novatrend Medicament Pvt. Ltd.
Shailesh Shah, President and CEO of SOHM, Inc., stated, "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."
"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 Mr. Shah.
Mr. 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.
The Indian pharmaceutical market is currently valued at USD 10 billion. It is one of the fastest growing pharmaceutical markets in the world and is forecasted to grow in double-digits in medium term. The Indian dermatology market, valued at USD 513 million, grew by 21% in 2010 and represents 25% of the Asia-Pacific dermatology market with a CAGR of 15% (2005-2010) and is a significant growth driver of the Indian pharmaceutical market.
About SOHM, Inc.
SOHM, Inc. is a generic pharmaceutical manufacturer that produces and markets generic drugs covering all major treatment categories. Global headquarters is located in North America with manufacturing sites in India. Generic pharmaceuticals are exported globally with a focus on distribution in emerging markets in Africa, Latin America, and Southeast Asia. www.sohm.com
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of SOHM, Inc., and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
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