Zydus Cadila's French subsidiary to acquire 29 generics products
Mumbai, Apr 6 (UNI) Pharma major Zydus Cadila today said with a view to sharpen its focus in the French generics market, its subsidiary, Zydus France SAS, has accepted Euro seven million offer from Aerocid, a France-based company, for acquiring 29 of its branded products which formed a part of its non-core assets.
Zydus Cadila Chairman and Managing Director Pankaj R Patel said that the decision to divest 29 branded products follows the company's decision to focus on the pure generics business as one of the key growth drivers for its global business operations.
''We see several opportunities for growth in the French generics market that we would like to aggressively pursue and therefore, have decided not to have a divided focus in this key market,'' said Mr Patel in a press release.
The 29 branded products, a combination of mature prescription and OTC products, were originally acquired from French major Alpharma in the year 2003 for a consideration of Euro 3.7 million.
Zydus France SAS has also entered into an agreement with Evolupharm, one of France's largest distribution channels with a large network of pharmacists, in pursuance of its strategy to enhance its presence in the rapidly-growing French generics market, presently valued at Euro 1.5 billion.
The French generics market is currently growing at around 24 per cent per annum.
By virtue of this tie-up, Zydus France SAS which currently markets 76 generic presentations, will gain access to 2,250 more pharmacists and will strongly supplement its existing marketing apparatus, stated the release.
Exuding optimism about the tie-up helping the Zydus group, Mr Patel said that ''we are very positive about increasing our penetration of the market on the back of our distribution agreement with Evolupharm and our pipeline from India.'' Over the last two years, Zydus Cadila has made significant progress in establishing its generics business in France following its entry into the market with 43 generic presentations in 2004.
Zydus France SAS now plans to launch 30 more products over the next two years, said the release, adding, the company has filed seven dossiers during the year and plans to file 15 more by 2007.
UNI JJ SSS AG1552