Glenmark Holdings SA, a wholly-owned Swiss subsidiary of Glenmark Pharmaceuticals, has signed a deal to acquire majority shareholding (less than 90 per cent) of Czech firm Medicamenta.
According to a release issued by Glenmark to the Bombay Stock Exchange on Monday, a holding of more than 90 per cent, shares in a company, under Czech law, will trigger a mandatory takeover bid for the remaining shares.
"The acquisition of Medicamenta, which has sales and marketing operations in Czech Republic and Slovakia, is for an undisclosed consideration. The acquisition provides the company with a strategic entry point into two of the fastest growing and attractive markets in Europe.
"Medicamenta's projects revenue for the calendar year 2007 is $8 million, has 60 employees and brings along a basket of 29 solid dose and semi-solid products," the release added.
