Friday, June 10, 2005
Ranbaxy buys Spanish firm`s generics line
Our Corporate Bureau / New Delhi June 10, 2005
Ranbaxy Laboratories announced on Thursday that it had bought a generic product portfolio containing eighteen products of Spanish pharma company Efarmes, SA, according to a press release.
The products belong to the cardio vascular system, central nervous system and pain management segments.
Commenting on the development, Peter Burema, regional director Europe, CIS & Africa, Ranbaxy, said, "The acquisition fortifies our presence in Spain while augmenting our existing product portfolio. With this strategic development, we will be able to provide a wide range of generics in this part of the world as well."
Manel Martinez, managing director, Efarmes commented that these funds would allow Efarmes to increase the number of projects under development.
Ranbaxy already has a presence in 21 of the 25 European Union countries and is further consolidating its presence now.
Through the Efarmes tie-up, there will be a stronger focus on Spain as a key market within the region, stated the press release.
With a prescription medicine market, valued at around $10 billion and growing at approximately 10 per cent per year, Spain ranks ninth in the world. The generic market, which Ranbaxy shall be targeting, is valued at $700 million and is estimated to grow at 30 per cent per annum.
Earlier last week, Ranbaxy received a tentative approval from the US Food and Drug Administration (USFDA) to manufacture and market Lamivudine tablets (150 mg) in the US.
Lamivudine tablets are used in the treatment of HIV in combination with other anti-retroviral agents.
It is India's first tentative approval from the USFDA under its expedited review process to support the US President's Emergency Plan for AIDS Relief Initiative. Under the scheme, the US government procures drugs to make affordable medicines available in developing countries facing the AIDS epidemic.
It is worth noting that last year, the World Health Organisation had removed Ranbaxy from the list of companies supplying anti-AIDS drugs to it.
Since then, the company has re-started the process of registering its products with the WHO. Today's development gives a fillip to its anti-AIDS business.
Ranbaxy is one of the four companies identified by the Bill Gates Foundation to supply ARVs for its anti-AIDS campaign in the developing countries.
'Stocks picked under the US AIDS plan would be reaching mostly the Caribbean and African countries where the incidence of AIDS has attained epidemic status and where patent rights won't be infringed,' a Ranbaxy executive said, though he did not clarify what would be the resulting business for the company.