Drug maker Marksans Pharma on Thursday said it has acquired UK-based generic pharmaceutical company Relonchem for an undisclosed amount.
"The acquisition give us an immediate marketing, distribution and sales presence in the highly profitable but regulated generic markets of the United Kingdom and Europe," Marksans Pharma managing director Mark Saldanha said.
He added that "with its profitable operations and immense market of opportunity, this acquisition will be profitable from the beginning, adding value to all stakeholders."
Relonchem is engaged in licensing, marketing and supplying generic pharmaceutical products in major therapeutic classes.
The company has registered sales of around $32 million in financial year 2007, Marksans Pharma said in a filing to the Bombay Stock Exchange.
"This is our second acquisition in Europe after Bell's & Sons and is significant milestone which will become one of the key drivers to Marksans' global growth strategy," Saldanha added.
The UK accounts 26 per cent of the generics market in the European Union. The country's generics market is one of the worlds' largest in terms of both size and generic penetration with a projected size of $7.6 billion by 2009.
"A value added Indian manufacturing base of the company will give us tremendous cost benefits and create value among our customers locally," Relonchem CEO John Rupral said.
