Business Daily from THE HINDU group of publications
Tuesday, Mar 27, 2007
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Business Daily from THE HINDU group of publications Tuesday, Mar 27, 2007 ePaper |
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Corporate
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Mergers & Acquisitions Glenmark acquiring Czech co Medicamenta Our Bureau
Mumbai March 26 Glenmark Pharmaceuticals said it has agreed to acquire more than 90 per cent stake in Czech company Medicamenta, for an undisclosed consideration. The agreement for the deal was concluded through Glenmark Holdings SA, the wholly-owned Swiss subsidiary of Glenmark Pharmaceuticals. Under the Czech law, a holding of over 90 per cent shares in a company will trigger a mandatory takeover bid for the remaining shares, a Glenmark company release said on Monday. Medicamenta, which has sales and marketing operations in the Czech Republic and Slovakia, would give Glenmark a strategic entry point to two of the fastest growing and attractive markets of Europe, said the statement. Glenmark plans to use Medicamenta's plant in Vysoke Myto to provide additional manufacturing, packaging and warehousing for its European business. The Czech company will also provide a geographically central base to support Glenmark's other European distribution activities, said Mr Guy Clark, President of Glenmark in Europe. Medicamenta has 60 employees. The Glenmark Managing Director, Mr Glenn Saldanha, said, "It is part of our long-term strategy to emerge as a speciality/brand company marketing novel drugs by acquiring front-ends in key, branded generics market."
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