Glenmark acquires 7 pharmaceutical brands in Poland

02 July 2008

Mumbai: Glenmark Pharmaceuticals has signed agreements with Iceland-based Actavis to acquire seven pharmaceutical brands in Poland for an undisclosed amount.

Glenmark's European  organisation acquired these seven pharmaceutical brands through the Indian firm's Czech subsidiary Medicamenta, in which Glenmark had acquired an over 90-per cent stake in March 2008 (See: Glenmark acquires Czech firm Medicamanta) through its Swiss subsidiary Glenmark Holdings SA, in order to gain a foothold in the fast growing and profitable pharmaceutical markets in the East European region.

Glenmark Pharmaceuticals Sp. z o., established in June 2008,

The product portfolio included anti-depressant Cital and epilepsy drug Lamotrix, which together make up about 50 per cent of sales of the seven brands acquired. The acquisition of the brands from Actavis and Biovena will provide Glenmark its first access to the growing Polish market, the largest pharmaceutical market in Central and East Europe.

Though Glenmark did not disclose financial details of the deal, it said that it expected the brands to boost its revenue by $15 million in the fiscal year ending March 2009.

The acquisition would provide Glenmark access to the growing pharmaceutical market in Central and East Europe, the company said in a filing with the Bombay Stock Exchange.