Mumbai: Drug maker Glenmark Pharmaceuticals said on 2 July it has signed agreements with Iceland-based Actavis to acquire seven pharmaceutical brands in Poland for an undisclosed amount.
The acquisition would provide Glenmark its first access to the growing pharmaceutical market in Central and East Europe, the company said in a filing to the Bombay Stock Exchange.
“The Polish market (Central and East Europe) has good potential for branded generic products and Glenmark will now have the necessary front end and the product range to access and develop in this exciting market,” company’s managing director and CEO Glenn Saldanha said.
The acquisition of the product portfolio of seven established brands was done through Glenmark Pharmaceuticals’ Czech subsidiary Medicamenta, that signed agreements with Actavis and Biovena, an affiliate of Actavis.
The pharmaceutical market in Poland in 2007 was about $7 billion and showed a growth of about 8% over the previous year.
Shares of Glenmark were trading at Rs623, up 2.45% on the BSE in afternoon trade.