Mumbai: In a bid to strengthen its presence in the US retail market, Natco Pharma today said it has acquired the assets of US-based retail pharmacy firm, Newark Drugs, for an undisclosed amount.
The Hyderabad-based company acquired Newark Drugs through US-based general partnership firm K&C Pharmacy, in which it holds 75% stake.
With the acquisition, Natco expects revenues from the US retail to touch over $35 million in a full year, the company said in a filing to the Bombay Stock Exchange.
This is the third acquisition that Natco has made since 2006, the first two being Nicks‘ Drugs and SaveMart Drugs.
The annual sales figure of Newark Drugs is around $5 million.
The shares of the company were trading at Rs115, down 2.79% in afternoon trade on the BSE.