Natco acquires Newark Drugs

New Delhi, Feb 6 (UNI) To strengthen its presence in the US retail markets, Natco Pharma Ltd today said it has acquired US-based retail pharmacy stores Newark Drugs.

''US-based general partnership firm K&C Pharmacy, in which Natco has stake of 75 per cent, has acquired Network Drugs,'' a company statement said.

Newark Drugs' annual sales stands at about five million dollars.

Through this acquisition, Natco seeks to achieve economics of scale in purchasing and its revenues from the US retail aggregates to over 35 million dollars annually.

The company plans to acquire a few more stores to strengthen its presence in the US retail markets, the statement added.

Since 2006, this is the third acquisition by Natco, after Nicks' Drugs and SaveMart Drugs.

UNI SG SR SSC1413