Aurobindo Pharma acquires Pharmacin International B.V., in Netherlands Extending its European Presence

Aurobindo Pharma Ltd announced that the Company, through its wholly owned subsidiary Agile Pharma B.V, Netherlands, has entered into Share Purchase Agreement with Jerim B.V., and Jonghoud International B.V. to acquire Netherlands based generic pharmaceutical Company, Pharmacin International B.V.

Under the terms of the share purchase agreement, Agile Pharma B.V. has acquired 100% of the shares of Pharmacin International B.V. from Jerim B.V. and Jonghoud International B.V.

Pharmacin is a profit making generic pharmaceutical Company with a sale of over Euro 6 million for the year ended December 2006, with a CAGR of over 30%. Pharmacin is engaged in the business of supply and licensing of generic pharmaceuticals in Netherlands and in select key markets in Europe. Pharmacin owns several product dossiers / market authorizations and IPR.

Pharmacin has a broad product portfolio in three key segments - CNS, CVS and Gasteroenterologicals and the dossiers support over 200 product registrations for 63 customers in Netherlands and Europe. Pharmacin has a reach into most parts of Europe. In addition, Pharmacin has continuously invested in enhancing the product portfolio and certain key product registrations are awaited in the coming months augmenting the business.

Pharmacin has established relationships within the industry and has obtained substantial market coverage in Europe. The Company expects to build on these relationships to participate in the generic pharmaceuticals value chain. The product portfolio of the Company, the manufacturing and r&d capabilities are expected to help strengthen and grow the relationships of Pharmacin. The Company would stand to benefit as this acquisition would provide an opportunity to expand into several markets in Europe with a dependable infrastructure and proven relationships.

This is the Company's second acquisition in Europe, after acquiring Milpharm Ltd in UK in early 2006. The Company believes that such acquisitions reduce the time to market and enhance the relationships in the generic value chain in addition to building a broad and formidable product portfolio.

Motilal Oswal Investment Advisors Pvt Ltd, was the lead advisor to the Company on the transaction.

Source : Equity Bulls

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