Aurobindo Pharma, a Rs.5,775 crore plus pharma major, has completed the earlier announced acquisition of certain commercial operations in Western Europe from Actavis. Aurobindo scrip touched to yearly highest level at Rs.564.40 in the morning session
Aurobindo acquires personnel, commercial infrastructure, products, marketing authorisations and dossier license rights in seven European countries. Actavis and Aurobindo have also entered into a long term commercial and supply arrangement. Following receipt of clearances from competent authorities, Aurobindo now intends to combine the strength of both enterprises (including its vertically integrated platform and existing commercial infrastructure) in these markets and to identify and maximise all opportunities to improve performance.
The acquisition will make Aurobindo one of the leading Indian pharmaceutical companies in Europe said Muralidharan, SVP of European Operations for Aurobindo. The acquisition will enable Aurobindo to achieve critical mass in Western Europe with a top 10 position in several key markets. He further added “I am delighted to welcome relevant Actavis customers, suppliers, partners and employees to Aurobindo. We will continue to collaborate with Actavis to ensure business continuity and a smooth transition. In parallel, we will work closely with the acquired management teams to achieve a rapid and successful integration”.
Arvind Vasudeva, chief executive officer, Aurobindo’s Formulations Business further stated that: “We had carefully reviewed the Actavis European operations and concluded that with our cost competitiveness and group structure we could significantly capitalise Actavis’ strong market position in these Western European countries and improve profitability, thereby accelerating our strategy of becoming a significant Gx player in Europe”.