India''s Glenmark buys pharma brands in Poland
July 2, 2008
According to Reuters, Glenmark Pharmaceuticals Ltd has bought seven drug brands in Poland from Iceland''s Actavis and its Polish affiliate Biovena, expanding the Indian firm''s presence in Europe and lifting its shares.
The financial details of the deal were not disclosed, but Glenmark said it expected the brands to boost its revenue by $15 million in the fiscal year ending March 2009.
The products include anti-depressant Cital and epilepsy drug Lamotrix, which together make up about 50 percent of sales of the seven brands acquired.
According to Glenmark, the pharmaceutical market in Poland was worth 4.7 billion euros ($7.4 billion) in 2007 according to IMS data, growing about 8 percent from the year before.
Last year, Glenmark acquired Czech drug maker Medicamenta, giving it a presence in the Czech Republic and Slovakia.