Glenmark to make Europe foray with Rs 100 cr buy

MUMBAI: Leading mid-sized pharma company Glenmark Pharmaceuticals will soon enter the European market by acquiring a front-end pharmaceutical company for about Rs 100 crore. Glenmark MD Glenn Saldanha told ET that the target company is in Central Europe and the deal is likely to be through before the end of March.

It has a strong marketing force and some approved products, Mr Saldanha said without disclosing the company’s name. Glenmark just has an office in the UK now for business development.

Merchant bankers said there are many small and medium-sized family-owned pharma firms in Europe that have low profitability and are up for sale. They would suit the needs of Indian companies planning to enter the EU market, they said.

Glenmark is already present in over 80 countries including the US in the business of finished products and key ingredients called APIs. It is strong in therapeutic segments such as dermatology, internal medicine, paediatrics, gynaecology, ENT, diabetes and oncology.

The company is also in talks with a few MNCs to licence out the Europe rights for its experimental asthma drug oglemilast. US-based Forest Laboratories Inc has the North American market rights and Teijin Pharma has the Japanese market rights for the drug.

gireesh.prasad@timesgroup.com