Looking to expand its presence and product portfolio in the Spanish market, pharma major Ranbaxy Laboratories Ltd today said it has acquired GlaxoSmithKline's Mundogen generic business in Spain.
Ranbaxy's CEO and MD Malvinder Mohan Singh said that the acquisition was in line with the company's M&A strategy to focus on the EU markets.
The company said in a filing with the Bombay Stock Exchange that it continued to see growth opportunities in the EU market and the acquisition would further consolidate its presence in the rapidly growing Spanish generic market and strengthen its product portfolio.
Ranbaxy acquired GSK's Mundogen unit through its Spanish subsidiary Laboratorios Ranbaxy SL, which was incorporated in February 2004.
The company is currently marketing over 40 products in the Spanish market, including the recently launched Simvastatine and Ticlopidine in June 2006 and plans to rapidly expand its product portfolio through the launch of the product In its pipeline and through the Mundogen acquisition.
As per IMS, March 2006, the value of the Spanish generic market was approximately 750 million dollars, with an annual growth rate of 25 per cent while the total pharmaceutical market is worth approximately 12.5 billion dollars.
Ranbaxy is currently present in 21 of the 25 European Union countries and is rapidly consolidating its presence in Europe, it added.
The company's shares moved up 1.12 per cent to close at Rs 324 on the BSE.