Pharma major Aurobindo Pharma has signed a definitive agreement to acquire Apotex International businesses in five European countries for 74 million euros, the company said.
Aurobindo Pharma will acquire Apotex's commercial operations and support infrastructure in Poland, Czech Republic, the Netherlands, Spain, and Belgium, the company said in a stock exchange filing on Saturday.
The Indian firm and Apotex will enter into a transitional manufacturing and supply arrangement to support the ongoing growth plans of these businesses, the statement said.
The acquisition is in line with the company's strategy to strengthen and grow its European business by adding over 200 generics and around 88 OTC (over-the-counter) products that had total sales of 133 million euros in the year ending March 2018, the company said.
The acquisition will help Aurobindo to become a leading OTC company by volume in the Netherlands and the company will strengthen its position in the generics market in Spain.
The acquisition will provide Aurobindo with an entry into the retail generics space in Belgium.
In Poland and the Czech Republic, it will become one of top 15 generics (Gx) companies in each country.
Aurobindo has been expanding its presence in Europe since 2006 across several key markets.
In 2014, it had acquired Actavis's commercial operations in seven Western European countries.
Last year it acquired Portugal-based Generis Farmaceutica.
The Hyderabad-based company currently has a presence in nine European countries, Portugal, France, Germany, the Netherlands, Spain, Italy, Belgium, UK and Romania. In the fiscal year ended March 2018, Aurobindo had sales in Europe of 577 million euros.