Monday, March 26, 2007

Glenmark acquires 90% stake in Czech firm Medicamenta

The Economic Times reports that domestic pharma company Glenmark Pharmaceuticals has acquired a majority stake in Czech firm Medicamenta through its wholly-owned Swiss subsidiary, Glenmark Holdings SA. As per the Czech Law, a holding of more than 90% shares in a company would trigger a mandatory takeover bid for the remaining shares. Glenmark will acquire more than 90% in Medicamenta. The financial details of the deal have not been disclosed.

Mumbai-headquartered Glenmark employs 400 scientists and 4000 staff. It sells its products in over 80 countries worldwide and had recorded revenues of $250 mn in the last fiscal year. Medicamenta's projected revenues for 2007 are about $8 mn. The Czech firm has 60 employees and manufactures 29 solid and semi-solid formulations.

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