The deal is a key element of the German Group's strategy to strengthen its footprint in Latin America
Germany's family owned pharmaceutical firm GrÃ¼nenthal Group has agreed to purchase Spanish firm Almirall's operations in Mexico.
The deal also includes an agreement to perpetually license a portfolio of mainly international products with around â‚¬17.5m net sales in 2015 in Mexico.
The transaction, financial terms of which were not disclosed, will be completed in early May.
GrÃ¼nenthal's aim is to significantly expand its business in Latin America â€“ focusing on the key markets of Mexico and Brazil â€“ over the next few years through internal growth, partnering or acquisitions. The firm has already had a presence in the region for more than 50 years.
The deal will allow the German firm to enter the gastroenterology segment and expand its pain portfolio.
'Mexico is one of the top markets in Latin America, and we are very excited to be able to offer our customers and the patients soon a larger portfolio to help address their needs,' said Oscar Ferenczi, Executive Vice President GrÃ¼nenthal Latin America. 'We are looking forward to working closely with the team of Almirall de Mexico to ensure a quick and smooth integration.'
He added that the firm's acquisition and integration of Laboratorios AndrÃ³maco two years ago will be a solid basis on which to integrate all operations, portfolio and processes quickly and successfully into GrÃ¼nenthal.