Ranbaxy acquires Ethimed in Belgium
New Delhi, Mar 30 (UNI) Continuing its expansion in the fast growing European drug market, India's largest pharmaceutical company Ranbaxy Laboratories today said it had acquired a generics Company Ethimed NV, in Belgium.
Ranbaxy said the Belgian market is the seventh largest pharmaceutical market in Europe. It did not indicate the value of the acquisition.
This is the third global acquisition in three days by Ranbaxy.
Prior to this, Ranbaxy yesterday bought 96.7 per cent stake in Romania's fifth largest pharma company Terapia from Boston-based private equity investors Advent International Corp for 324 million dollars.
The company has also bought Allen SpA-GlaxoSmithKline Plc's generic business in Italy-on Tuesday for an undisclosed amount.
The move will allow the Company to anticipate local market dynamics and capitalise on the changing business landscape in the Benelux countries.
A large number of Indian companies are making a beeline for the European market, where drugs worth billions of dollars are expected to go off patent in the next few years.
The Belgian market is largely a branded, high priced market with increasing generic penetration.
The acquisition positions the Company favourably to capture a significant position of this expanding market.
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