Glenmark acquires 90% stake in Czech firm Medicamenta

The Economic Times reports that domestic pharma company Glenmark Pharmaceuticals has acquired a majority stake in Czech firm Medicamenta through its wholly-owned Swiss subsidiary, Glenmark Holdings SA. As per the Czech Law, a holding of more than 90% shares in a company would trigger a mandatory takeover bid for the remaining shares. Glenmark will acquire more than 90% in Medicamenta. The financial details of the deal have not been disclosed.

Mumbai-headquartered Glenmark employs 400 scientists and 4000 staff. It sells its products in over 80 countries worldwide and had recorded revenues of $250 mn in the last fiscal year. Medicamenta’s projected revenues for 2007 are about $8 mn. The Czech firm has 60 employees and manufactures 29 solid and semi-solid formulations.

Glenmark to acquire a Central European pharma company for Rs. 100 crores

Glenmark Pharmaceuticals is planning to acquire a front-end pharmaceutical company for about Rs. 100 crores to mark its foray in the European market. The target company is in Central Europe with a strong marketing force and some approved products and the deal is likely to be through before the end of March. The name of the company has not been disclosed. As of now, Glenmark just has an office in the UK for business development.

Read The Economic Times article.