INDIA BUSINESS WORLD - JULY 2006
THE MONTH THAT WAS...

RANBAXY BUYS GSK'S GENERICS BIZ IN SPAIN

RANBAXY Laboratories said it had acquired Anglo-American drug maker GlaxoSmithKline's Mundogen generic business in Spain for an undisclosed sum. The firm has a strong presence in anti-infectives and anti-depressants. Ranbaxy CEO and MD Malvinder Mohan Singh said the acquisition was in line with the company's M&A strategy focusing on European markets, where it continues to see growth opportunities. “The acquisition will further consolidate our presence in the rapidly growing Spanish generics market and strengthen our product portfolio,” said a company release quoting Mr Singh.

Ranbaxy did not disclose the financial details of the acquisition but said it is a significant step in its M&A activities. The deal, struck through its Spanish subsidiary Laboratorios Ranbaxy SL, is the company's fifth acquisition in Europe this year. The Spanish generic market is valued at about 600 million euros, or $750 million, with an annual growth rate of 25%, Ranbaxy said quoting data from drug market researcher IMS.

Ranbaxy is currently marketing over 40 products in Spain , including the recently launched Simvastatine and Ticlopidine and plans to rapidly expand its product portfolio.

Now the company is present in 21 of the 25 EU countries and is rapidly consolidating its presence in Europe . Earlier this year, it had purchased Romania 's Terapia , Belgium 's Ethimed NV , GlaxoSmithKline's Italian generic business and the rights and assets of Senetek Plc's autoinjector device. Last month, the company had acquired 18 generic products from Spanish company EFARMES , S.A. Unipersonal in the pain management, cardio vascular and central nervous system segments.