Glenmark acquires Czech firm Medicamanta

26 March 2007

Glenmark Holdings SA (GHSA), a wholly owned Swiss subsidiary of Glenmark Pharmaceuticals Ltd, will acquire a majority shareholding (ie over 90 per cent) of the Czech pharmaceutical Medicamenta A.S, for an undisclosed sum.

Under Czech Law, a holding of more than 90 per cent shares in a company triggers a mandatory takeover bid for the remaining shares.

This acquisition provides Glenmark with strategic entry point into two of the fastest growing and attractive markets in Europe — the Czech Republic and Slovakia.

The pharmaceutical market in the both countries is dominated by branded generics and the Company expects Medicamenta to provide a base for its branded business in Europe, and will also look to develop and expand Medicamenta''s current portfolio of pharmaceutical products.

Medicamenta''s leading products, Ataraigin, is a household brand in Czech Republic and Slovakia - a product for the treatment of headache, cold and pain.

Medicamenta''s projects revenues for the calendar year 2007 are $8 million. Medicamenta has 60 employees and brings along a basket of 29 solid dose and semi-solid products. These products are manufactured at its plant in Vysoke Myto in the Czech Republic spread over 13,000 sq metres.