Ranbaxy acquires GlaxoSmithKline subsidiary Mundogen in Spain

18 July 2006

The acquisition would further consolidate company's presence in the $750 million Spanish generic market, which is growing at an annual rate of 25 per cent. The Spanish pharmaceutical market is worth approximately $12.5 billion.

Incorporated in 2004, Laboratorios Ranbaxy S L, currently markets over 40 products in the market, including the recently launched Simvastatine and Ticlopidine. The company plans to expand its product portfolio through the Mundogen acquisition

"The Mundogen generic business acquisition from GSK is in line with our M&A strategy to focus on the EU markets where we continue to see growth opportunities. The acquisition will further consolidate our presence in the rapidly growing Spanish generic market and strengthen our product portfolio," said Malvinder Mohan Singh, managing director and CEO of the company.

Ranbaxy is currently India's largest pharmaceutical company and one of the top 10 generic pharmaceutical companies in the world. An integrated, research based pharmaceutical company producing a wide range of quality generic drugs at affordable costs, Ranbaxy's continued focus on R&D has resulted in several new drug approvals in developed markets.

The company has a presence in 21 of the 25 EU countries, with significant operations in the UK, France, Germany, Spain, Italy and Romania.