BackGlenmark buys 90% stake in Czech firm
Glenmark buys 90% stake in Czech firm
Premium
Mumbai: Dermatologicals specialist Glenmark Pharmaceuticals Ltd has bought 90% stake in Czech drug-distribution and retail company Medicamenta a.s for Rs55-60 crore. Since Czech law requires an open offer by the acquirer for the remaining 10% shares, Glenmark is expected to make an offer for the balance shareholding.
Reacting to the deal, the price of Glenmark shares on BSE rose 4.86% to Rs621.15.
“The purchase of Medicamenta is a landmark event for Glenmark in Europe. It is another part of our long-term strategy to emerge as a speciality/brand company marketing novel drugs by acquiring front-ends in key branded generics markets," said Glenn Saldanha, managing director and CEO, Glenmark. “The pharmaceutical market in Czech and Slovakia are dominated by branded generics. Glenmark expects that the Czech firm will offer a base for its branded business in Europe, and will look to develop and expand Medicamenta’s current portfolio."
GLENMARK’S OVERSEAS SHOPPING
Medicamenta is the fourth overseas acquisition of Glenmark Pharma.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
