Ranbaxy Laboratories Limited, India's largest pharmaceutical company has acquired the Mundogen generic business of GlaxoSmithKline (GSK), in Spain, through Ranbaxy's Spanish subsidiary, Laboratorios Ranbaxy S.L, the company announced in a press statement.
No other details on the acquisition are disclosed.
Commenting on the acquisition, Malvinder Mohan Singh, CEO and MD, Ranbaxy Laboratories Ltd., said, " The Mundogen generic business acquisition from GSK is in line with our M&A strategy to focus on the EU markets where we continue to see growth opportunities. The acquisition will further consolidate our presence in the rapidly growing Spanish generic market and strengthen our product portfolio."
Ranbaxy's Spanish operation, Laboratorios RanbaxyS.L., was incorporated in February 2004. The company is currently marketing over 40 products in the market, including the recently launched Simvastatine and Ticlopidine in June 2006. The Company has plans to rapidly expand its product portfolio through the launch of the products in its pipeline and through the Mundogen acquisition.
The Spanish generic market is growing rapidly. As per IMS, March 2006, the value of the Spanish generic market was approximately €600 million (US$ 750 million), with an annual growth rate of 25 per cent. The total pharmaceutical market is worth approximately €10.0 billion (US$12.5 billion).
Ranbaxy has a presence in 21 of the 25 EU countries and is rapidly consolidating its presence in Europe. The Company already has significant operations in the UK, France, Germany, Spain, Italy and Romania.