The Hindu Business Line : Aurobindo Pharma buys Dutch co Pharmacin

The agreement
Under the terms of the share purchase agreement, Agile Pharma has acquired 100 per cent of the shares of Pharmacin International from Jerim and Jonghoud International

Hyderabad , Dec. 29

In its second acquisition in Europe this year, Aurobindo Pharma Ltd (APL) has bought the Netherlands-based generic pharmaceutical company, Pharmacin International.

To facilitate the buyout aimed to expand its presence in the lucrative European markets, APL has through its wholly owned subsidiary Agile Pharma, Netherlands entered into share purchase agreement with Jerim and Jonghoud International of the Netherlands.

Under the terms of the share purchase agreement, Agile Pharma has acquired 100 per cent of the shares of Pharmacin International from Jerim and Jonghoud International. Pharmacin is a profit-making company with a turnover of over 6 million euros for the year ending December 2006 and a CAGR of over 30 per cent.

The Hyderabad-based APL had in early 2006 acquired Milpharm Ltd in UK. The company believes that such acquisitions reduce the time to market and enhance the relationships in the generic value chain, in addition to building a formidable product portfolio.

Motilal Oswal Investment Advisors Private Ltd was the lead advisor to APL, which is a leading manufacturer of generic pharmaceuticals and active pharmaceutical ingredients.

Pharmacin is engaged in the business of supply and licensing of generic pharmaceuticals in Netherlands and in select markets in Europe. It has a broad product portfolio in three segments— CNS, CVS and Gastroenterologicals.

The company has a product dossier support of 200 and registrations for 63 customers in the Netherlands and Europe. It owns several product dossiers/market authorisations and Intellectual Property Rights.

APL expects to build on these strengths. Its product portfolio, manufacturing and R&D capabilities would bring greater synergy.

APL also would gain access to several markets in Europe. Pharmacin has warehouses and offices close to Rotterdam, a strategic distribution location in Europe, a press release said.

APL has also emerged as a leading player in the anti-retroviral drugs. It has received 32 ANDA (abbreviated new drug application) approvals from the US alone and operates in over 100 countries and markets over 180 APIs and 250 formulations.

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