Glenmark plans move into Eastern Europe

Indian company Glenmark Pharmaceuticals is to enter the EU generic market with an acquisition in Eastern Europe, according to ceo Glenn Saldana.

'We are looking at a front-end branded generic business in Eastern Europe, and we are expecting to complete the acquisition before the year end,' he said. The company's strategy is to seek cash-generating, privately held front-end businesses with annual sales ranging from Euro 8m to €12m.

'The acquisition would help Glenmark Pharma to file and launch its branded generics products through its sales and marketing company, and may also provide dossiers to partners for non-core markets.'

Glenmark Pharma should also see revenues begin to flow from Europe as it launches its first product with Germany's Merck. It reached an agreement with Merck in July to develop and market eight generic dermatological products in Europe, with current annual sales around US$225m in the region.

Glenmark will develop, manufacture and supply the products, while the companies would be jointly responsible for sales and marketing. Initially only one of these products has been filed and is expected to be launched in 2007; the remainder will be launched by 2010.