Wanbury acquires Spain-based Cantabria Pharma for Rs 250cr

Mumbai, Oct 16 (UNI) Wanbury Ltd has acquired Spain-based Cantabria Pharma, which specialises in branded generic ethical formulation business, in a deal valued at Euros 42 million, rupee-wise roughly Rs 250 crore.

Announcing this here today, its Director-Corporate Finance, Mr Ashok Shinkar said this deal gives Wanbury an entry in the Spanish Generic market which is growing at 20 per cent every year. Cantabria Pharma sees a target of Euros 33 million in revenues for the first year in the Ethical Formulation segment of the Spanish market with an EBITDA of Euros 8-10 million, according to him.

Replying to a question, Mr Shinkar said this acqusition will be financed by a combination of internal accruals over the period of three years and term loans. Wanbury has set a vision of Rs 1000 crore market capitalization by 2009.

This acquisition, Mr Shinkar said, will serve as an effective entry in the lucrative European market for Wanbury. ''The acquisition of Cantabria Pharma will enable us to enter the European generic markets, where we see good returns in the future. Wanbury is already catering to the European markets through sale of APIs (associated pharma ingredients),'' he said adding, ''We are also looking at bringing Cantabria's products into India.'' With this deal, according to Mr Shinkar, Wanbury shall acquire the branded generic ethical formulation business of Cantabria, including trademark rights, marketing authorizations and the company's sales and marketing personnel consolidating a revenue of over Rs 180 crore.

UNI SN MAZ VKG1910