Ahmedabad-based Intas Pharmaceuticals Ltd on Wednesday said it has acquired the hospital business of Spain’s Corporacion Combino Pharm SL through its overseas subsidiary Accord Healthcare SLU for an undisclosed amount.
“We would like to inform you the Combino Pharm has transferred their hospital division to Accord Healthcare," according to a statement posted on the website of Combino Pharm, that runs hospitals in Spain and Portugal.
Binish Chudgar, vice-chairman and managing director of the privately-held Intas Pharmaceuticals said through this acquisition, Accord Healthcare will obtain certain rights over Combino’s hospital portfolio in a number of European and non-European countries.
“This acquisition offers lot of synergies to Accord’s already existing sizeable business in Spain and further strengthens and expand its operations in Spain and Portugal with a broader and more robust portfolio of products," Chudgar said.
Chudgar said through this acquisition, combined business of both the entities would become the second largest hospital generic player in Spain.
The company claims that about 55% of its total sales come from global operations.
In November, Singapore’s investment firm Temasek Holdings Pte. Ltd had acquired a 10.16% equity stake in Intas by way of a secondary purchase of shares from private equity investor ChrysCapital.