New Delhi, May 30 (UNI) Marking its entry in Europe's fifth largest pharmaceutical market, country's fourth largest drug maker Zydus Cadila today said it has acquired 100 per cent stake in Spain's Laboratorios Combix.
Laboratorios Combix, which has a pure generics focus, provides the right fit for Zydus' entry strategy into a market that is estimated at 1.7 billion dollars and is growing at 21.5 per cent.
Combix has a solid portfolio covering 17 molecules along with a range of products that are pending launch or in the pipeline.
The acquisition allows Zydus to jumpstart its business and leverage strengths in product development, a high quality, cost-competitive supply chain and operational efficiency, a company statement said.
Having entered the French generics market in 2003, an entry into Spain forms a critical part of Zydus' European expansion strategy, which looks at markets with low generic penetration to provide ample opportunities for growth, it added.
Sidestepping the more time consuming, green-field strategy to enter newer markets, the Ahmedabad-based pharma giant has been expanding its operations globally through strategic acquisitions.
Starting with Alpharma France in 2003, the group went on to acquire Nippon Universal Pharmaceuticals Ltd of Japan and Quimica e Farmaceutica Nikkho do Brasil Ltd in 2007.
With operations in the US, Europe, Japan, Latin America, Asia Pacific and Africa, the group's formulation exports grew by 72 per cent in 2007-08.
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