MUMBAI: Glenmark Pharmaceuticals Ltd. said today it has agreed to buy more than 90% of Czech firm Medicamenta a.s. for an undisclosed sum.
Glenmark joins bigger Indian rivals such as Dr. Reddy’s Laboratories Ltd. and Ranbaxy Laboratories Ltd. in trying to expand into Europe’s growing generics market.
“This acquisition provides Glenmark with a strategic entry point into two of the fastest-growing and attractive markets in Europe,” Glenmark said in a statement.
“Glenmark expects Medicamenta to provide a base of its branded products in Europe, and will also look to develop and expand Medicamenta’s current portfolio,” it said.
Medicamenta, with marketing operations in Czech Republic and Slovakia, is expected to have a revenue of $8 million in 2007, it said.
Nomura International advised Glenmark on the deal.