Zydus Cadila acquires Spanish drug firm Laboratories Combix

Mumbai: Zydus Cadila has acquired Spanish drug firm Laboratories Combix for an undisclosed amount, making its entry into the fifth largest pharmaceutical market in the world.

The acquisition will help Zydus, India's fourth largest pharmaceuticals company, enter the generics market estimated at $1.7 billion, and growing at 21.5 per cent, the company said in a filing with the Bombay Stock Exchange.

Laboratorios Combix, which has a pure generic focus, provides the right fit for Zydus entry strategy into the generics market. The acquisition of Combix, with a portfolio of 17 molecules, will allow Zydus to start its business and leverage strength in product development and cost-competitive supply chain, the company said.

"This acquisition offers us an opportunity to consolidate our presence as a generics company and global healthcare provider. The Spanish generics market is forecast to grow rapidly during the coming years and we are pleased to participate in this growth," Pankaj R Patel, chairman and managing director of Zydus Cadila, said.

Zydus, which has already a presence in France, sees the Spanish entry as critical for its European expansion.

With operations in the US, Europe, Japan, Latin America, Asia Pacific and Africa, the group's formulations exports grew 72 per cent in 2007-08, the company said.