Financial Daily from THE HINDU group of publications
Tuesday, Dec 27, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 27, 2005 |
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Corporate
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Mergers & Acquisitions Glenmark buys S. African co Bouwer Bartlett Our Bureau
Mumbai , Dec. 26 GLENMARK Pharmaceuticals has acquired Bouwer Bartlett Pty Ltd, a South African sales and marketing company, for an undisclosed consideration. The acquisition was through wholly owned subsidiary, Glenmark Pharmaceuticals SA, and marks the company's entry into the South African market, one of the largest and fastest growing pharmaceutical markets in Africa. South Africa accounts for about a third of the total African market of about $1.6 billion, an industry representative said. This market, along with Egypt and Nigeria, accounts for more than half of the African market, he added. Bouwer Bartlett has a presence in the dermatology segment, besides a strong marketing force, a Glenmark communiqué said. Glenmark currently has a basket of 22 products. It expects the South African operations to close at $3.1 million in 2006. The company had entered Africa in 1991, but has been ramping up operations since 1999, a company official said. Currently, it is spread over 30 of 54 markets in Africa. It established a representative office in South Africa in 2003, in addition to its three other offices in Ghana, Kenya, and Nigeria. Recently, Glenmark's solid dosage formulations plant in Goa was inspected and approved by the Medicine Control Council of South Africa, the company said. The approval will help add to the generics pipeline in South Africa, it added. On Monday, the Glenmark scrip closed 2.16 per cent down on the BSE at Rs 291.75.
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