The acquisition is in line with Aurobindo’s strategy to strengthen its European business and to expand in Eastern Europe’s generics drug market.
Aurobindo Pharma Ltd has signed a pact to acquire the commercial operations and certain supporting infrastructure of Apotex International Inc. in five European countries for €74 million ($86.5 million).
The acquisition is in line with Aurobindo’s strategy to strengthen its European business and to expand in Eastern Europe’s generics drug market, the Indian drugmaker said in a stock-exchange filing.
The five countries are Poland, the Czech Republic, the Netherlands, Spain and Belgium.
The acquisition will diversify Aurobindo’s European product portfolio by adding over 200 generics and more than 80 over-the-counter (OTC) products that had total sales of €133 million in the year ended March 2018.
Aurobindo said closing of the transaction is conditional on the receipt of competition clearances for the transaction by the Dutch and Polish authorities. The deal is likely to be completed in three to six months’ time, it said.