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Glenmark concludes deal to acquire Medicamenta
Mumbai,
Mar
26:
Glenmark
Holdings
SA
(GHSA),
a
wholly-owned
Swiss
subsidiary
of
Glenmark,
has
concluded
a
deal
to
acquire
a
majority
shareholding
(more
than
90
per
cent)
of
the
company
Medicamenta,
thus
giving
Glenmark
its
first
commercial
foothold
into
the
strategically
important
market
of
Europe.
Under
Czech
Law,
a
holding
of
more
than
90
per
cent
shares
in
a
company
will
trigger
a
mandatory
take-over
bid
for
the
remaining
shares.
Glenmark
was
advised
by
Nomura
International,
the
European
arm
of
the
Japan-based
global
investment
bank,
on
the
acquisition
of
Medicamenta,
said
a
company
release
here
today.
Glenmark's
acquisition
of
Medicamenta,
which
has
sales
and
marketing
operations
in
both
Czech
Republic
and
Slovakia,
is
for
an
undisclosed
consideration.
This
acquisition
provides
Glenmark
with
a
strategic
entry
point
into
two
of
the
fastest-growing
and
attractive
markets
in
Europe.
The
pharmaceutical
market
in
both
countries
is
dominated
by
branded
generics
and
Glenmark
expects
Medicamenta
to
provide
a
base
for
its
branded
business
in
Europe.
The
company
will
also
look
to
develop
and
expand
Medicamenta's
current
portfolio
of
pharmaceutical
products.
Medicamenta's
leading
product,
Ataralgin,
is
a
household
brand
in
Czech
Republic
and
Slovakia
-
a
product
for
the
treatment
of
headache,
cold
and
pain.
Medicamenta's
projected
revenues
for
the
calendar
year
2007
are
USD
8
million.
Medicamenta
has
60
employees
and
brings
along
a
basket
of
29
solid
dose
and
semi-solid
products.
These
products
are
manufactured
at
its
plant
in
Vysoke
Myto,
Czech
Republic
which
spreads
over
13,000
sq
metres
and
is
approved
by
the
Czech
Regulatory
Agency
(SUKL).
Glenmark
plans
to
make
use
of
Medicamenta's
plant
capacity
to
support
its
broader
operations,
by
providing
additional
manufacturing,
packaging,
quality
release
and
warehousing
for
its
European
business.
Glenn
Saldanha,
Managing
Director
and
CEO
of
Glenmark
commented,
''The
purchase
of
Medicamenta
is
a
landmark
event
for
Glenmark
in
Europe.
It
is
another
part
of
our
long-term
strategy
to
emerge
as
a
speciality/brand
company
marketing
novel
drugs,
by
acquiring
front-ends
in
key
branded
generics
markets.''
Guy Clark, President of Glenmark Europe added ''This is the first of many steps that Glenmark will take on its journey to build a significant branded presence in the important market of Europe, and Medicamenta will also provide a geographically central base to support Glenmark's other European distribution activities.'' Paul Wohanka, Chairman of the Supervisory Board for Medicamenta, noted ''Glenmark is a perfect strategic partner for Medicamenta and was always our preferred choice. Glenmark has grown significantly in recent years and I hope that they can bring a taste of the same success for all the people at Medicamenta. Their future is very exciting and Medicamenta can only benefit from Glenmark's plans to develop its own interests in Europe.''
UNI
