Industry

Aurobindo acquires Apotex’s businesses in 5 European countries

Aurobindo Pharma on Monday said it had completed the acquisition of Canadian generic pharma firm Apotex’s commercial operations and certain supporting infrastructure in five European countries.

The Hyderabad-headquartered drug maker, had in July last year, announced the signing of a definitive agreement with Apotex, in a transaction valued at €74 million.

The binding agreement was for acquiring five of Apotex’s European businesses, including infrastructure, personnel, products, certain established trademarks, marketing authorisations and dossier license rights in Poland, the Czech Republic, the Netherlands, including the manufacturing facility in Leiden, Spain and Belgium.

The acquisition was aimed at accelerating Aurobindo’s European growth strategy by strengthening geographic reach and commercial infrastructure, particularly in the generics market of eastern Europe. It would extend and diversify Aurobindo’s European product portfolio by adding over 200 generics and more than 80 over-the-counter (OTC) products with total sales of Euro 133 million (in the year ended March 2018), the company had said.

Announcing completion of the acquisition, Aurobindo said Jefferies International Limited acted as sole financial adviser and Herbert Smith Freehills LLP as legal counsel. Ernst & Young, India provided financial due diligence services.

Aurobindo, in July had said, it had a presence in nine European countries – Portugal, France, Germany, the Netherlands, Spain, Italy, Belgium, the U.K. and Romania. Its European business was focussed on generics. In 2017-18, the company had sales in Europe of €577 million.

The pharma major had been expanding its European footprint since 2006 both organically and acquisitions across key markets. In 2014, it had announced the acquisition of Actavis’s commercial operations in seven Western European countries for € 30 million and in 2017 the acquisition of Generis Farmaceutica in Portugal for €135 million.

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Printable version | Feb 22, 2020 3:32:11 PM | https://www.thehindu.com/business/Industry/aurobindo-pharma/article26238747.ece

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