Glenmark Pharmaceuticals Ltd on Monday said its wholly-owned Swiss subsidiary, Glenmark Pharmaceuticals SA, has acquired Bouwer Bartlett Pty, a South African sales and marketing company, for an undisclosed amount.
"The purchase of Bouwer Bartlett is part of our long-term strategy to emerge as a speciality/brand company marketing novel drugs, by acquiring front-ends in key markets outside the USA, the EU and Japan," managing director and CEO of the company, Glenn Saldanha, said.
This acquisition provides the company a strategic entry point into the South Africa market, one of the largest and fastest growing pharmaceutical markets in the continent of Africa, Glenmark informed the Bombay Stock Exchange.
Glenmark said the acquisition of Bouwer Bartlett will facilitate its expansion in the South African market as the latter has a major presence in the dermatology segment and a significant marketing force.
The company already enjoys a widespread geographic presence in over 30 of the 54 markets in Africa.
It said its South African operations is expected to close at $3.1 million with an EBITDA of $600,000 in the calendar year 2006.
Glenmark currently has a basket of 22 products.
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