Sandoz acquired Durascan, the generic subsidiary of Astra Zeneca in Denmark, in a transaction aimed at claiming the number two position in the Danish generics market and establishing a new operational hub in the Nordic region. Financial details of the transaction were not disclosed, company said in a release.
With net sales of €25 million in 2003, Durascan has a broad portfolio of generic medicines that provide growth opportunities for Sandoz throughout the Nordic region. In addition, Durascan provides Sandoz with state-of-the-art quality assurance and logistics facilities, making it an attractive operational platform to fuel regional growth.
"The acquisition of Durascan provides Sandoz with a leadership position in the Danish generics market and a platform to increase our presence in the Nordic region with its strong and highly competitive generics environment," said Christian Seiwald, CEO of Sandoz. "It is perfectly in line with our strategy to grow organically, while seeking selected regional or therapeutic acquisitions," he added.
Sandoz, a Novartis company, develops, manufactures and markets these medicines as well as pharmaceutical and biotechnological active ingredients. Sandoz posted sales of USD 2.9 billion in 2003.