Glenmark buys 7 Polish brands
Glenmark Pharmaceuticals has acquired seven pharmaceutical brands in Poland through its Czech subsidiary Medicamenta.
The foray brings back Glenmark’s focus on branded generic drugs and paves the way for introducing its other products in Europe. Glenmark’s estimated sales of the acquired product portfolio for financial year 2009 at $15 million (Rs 60 crore).
The largest products in the new portfolio are Cital, an anti-depressant, and Lamotrix a treatment for the management of epilepsy. Together these products comprise about 50 per cent of the total sales of Glenmark’s newly acquired portfolio.
“Glenmark will now have the necessary front-end and the product range to access and develop in this exciting market,” said Glenn Saldanha, managing director and CEO, Glenmark pharmaceuticals.
The stock price of the company ended up 3.59 per cent to Rs 629.95 at end of trade Wednesday on the Bombay Stock Exchange.
Glenmark acquired the brands from Actavis, the Icelandic maker of cheap drugs, and Biovena, an affiliate of Actavis in Poland.