Company Watch

Glenmark acquires sales and marketing company in SA

Our News Bureau - Mumbai

Glenmark Pharmaceuticals SA (GPSA) has acquired Bouwer Bartlett Pty (Bouwer Bartlett), a South African sales and marketing company for an undisclosed amount. The acquisition provides Glenmark a strategic entry point into the South African market.

Bouwer Bartlett currently has a basket of 22 products. Glenmark estimates the South African operations to close at $3.1 million with an EBITDA of $600,000 in 2006. Glenn Saldanha, Managing Director and CEO of Glenmark remarked, "The purchase of Bouwer Bartlett is part of our long term strategy to emerge as a speciality or brand company marketing novel drugs, by acquiring front-ends in key markets outside USA, EU and Japan."

Glenmark has a presence in over 30 of the 54 markets in Africa. It has also established a representative office in South Africa in 2003, in addition to its three other offices in Ghana, Kenya and Nigeria. This acquisition will help consolidate the company's presence in Africa.

Glenmark's solid dosage formulations plant in Goa recently received cGMP approval from the Medicine Control Council, South Africa. This approval will assist the company to rapidly file additional generics and add to the pipeline in South Africa.