Mumbai: Drug maker Zydus Cadila announced its entry into Spain on 30 May, the fifth largest pharmaceutical market in the world, through the acquisition of Laboratories Combix for an undisclosed amount.
“...This acquisition offers us an opportunity to consolidate our presence as a generics company and global healthcare provider. The Spanish generics market is forecast to grow rapidly during the coming years and we are pleased to participate in this growth,” Zydus Cadila chairman and managing director Pankaj R Patel said.
The acquisition would facilitate Zydus to enter into the generics market that is estimated at $1.7 billion and is growing at 21.5%, compared to 6% for overall pharmaceutical market in 2007, the company said in a filing to the Bombay Stock Exchange.
Combix with a portfolio of 17 molecules, allows Zydus to start its business and leverage strength in product development and cost-competitive supply chain.
An entry into Spain forms a critical part of Zydus’s European strategy after foraying into the French generics market in 2003.
With operations in the US, Europe, Japan, Latin America, Asia Pacific and Africa, the group’s formulations exports grew by 72% in 2007-08, the company added.