Companies
Mumbai - Mumbai-based Glenmark Pharmaceuticals Ltd said it has bought seven drug brands in Poland from Iceland's Actavis and its Polish affiliate Biovena.
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The acquisition will firm up the firm's presence in Europe, especially in Poland, the largest pharmaceutical market in Central and East Europe. It will also boost the firm's revenue by $15 million for the present fiscal year, Glenmark said in a regulatory filing.
The brands include anti-depressant drug Cital and epilepsy drug Lamotrix, which together make up about 50 percent of the total sales of Glenmark's newly acquired portfolio.
"This portfolio acquisition will accelerate our growth in a very promising Central & East European market." Glenn Saldanha, managing director, Glenmark Pharmaceuticals, said in a statement.
"The Polish market has good potential for branded generic products and Glenmark will now have the necessary front-end and the product range to access and develop in this exciting market," he said.
According to Guy Clark, president, Glenmark Europe, the acquisition marks "a major development for Glenmark in the European region."
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