The Mumbai-based Wanbury has acquired a Spanish generic pharmaceutical company, Cantabria Pharma, for Euro 42 million (Rs 250 crore). Wanbury, the largest producer of metformin worldwide, is one among the largest player in the Indian bulk drug segment.

The Rs 110-crore Wanbury, created from the merger between Pearl Organics and Wander Pvt Ltd, shall acquire the branded generic ethical formulation business of Rs 180 crore Cantabria Pharma. The Spanish acquisition will be financed by a combination of internal accruals over the period of three years and term loans.

Cantabria Pharma, which has sales revenue of Euro 27 million, sees a target of Euro 33 million for the next financial year. Cantabria, which has products in the segments-traumatology, pain management, asthma, has product development with Euro 6 million in the pipeline next year and is expected to grow at CAGR of 15-20% over a 5-year period.