Sequent Scientific announced Wednesday the company's subsidiary Alivira Animal Health has entered into an agreement to acquire 60% stake in Provet Veterinary Products, Turkey. The transaction is expected to close in October 2014, and is subject to customary closing conditions. The current promoter of Provet to hold the balance 40% and will be part of the management team at Alivira.

Manish Gupta, chief executive officer of Sequent said, 'We are delighted to establish Alivira's presence in the hugely attractive market of Turkey through this acquisition. With a ready portfolio of over 100 formulations, largely in the difficult space of injectibles and a newly established state-of-the-art facility which would soon be offered for EU GMP approval, Provet provides us the right platform to aggressively expand our veterinary formulations business in MENA and CEE regions.'

Shares of the company gained Rs 22, or 4.81%, to trade at Rs 479.75. The total volume of shares traded was 17,407 at the BSE (1.44 p.m., Wednesday).