Glenmark establishes presence in Romania

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Glenmark Pharmaceuticals Limited, one of the world's leading, integrated specialty pharmaceutical and high-quality generic companies, today announced that it has established a company in Romania, called Glenmark Pharmaceuticals s.r.l. This will be Glenmark's third country operation in Europe for Glenmark's Specialty Pharmaceutical business, following its acquisition of Medicamenta last year. Romania is a key strategic market for the development of Glenmark's Specialty business in Europe. The Company already has a number of its products under registration in this market.

 

Romania is one of the two most recent additions to 27 countries of the European Union; along with Bulgaria, that joined the EU in January 2007. With a population of 22 million, Romania is the seventh most populated country in Europe and, with GDP growth of 7%, it is also one of the fastest-growing pharmaceutical markets in Europe.

 

In Romania, Glenmark hopes to achieve net revenues of up to $50m within 5 years, based on its portfolio of branded generic and Specialty products. To facilitate this growth, Glenmark has appointed Mrs. Mariana Wencz, Country Manager, Glenmark Pharmaceuticals s.r.l, who spearheaded the growth of Zentiva Romania to a leading position in the branded generics market, before joining Glenmark in late-2007.

 

Mrs. Wencz commented that, "Romania is one of the fastest-growing markets in Europe, and there is great potential for Glenmark to unlock considerable value in this market. I joined Glenmark because I was so excited by the potential for such a dynamic company in Romania, with its pipeline of branded generic products and access to its future pipeline of Specialty products and even its NCE research development in the future."

 

Guy Clark, President, Glenmark Europe, stated that "Romania is a very attractive market, which can easily be recognized by the premiums that other companies have been paying to acquire infrastructure in this market. However, Glenmark has chosen to invest in the talents of experienced, local people and will drive its presence in this market by investing in new products and the respective infrastructure that will be required to successfully launch and grow its portfolio of branded pharmaceuticals. We believe that this will deliver the most value to our investors and also provide the best return on our investment."

 

Glenmark acquired a 90% share in Medicamenta a.s. in April 2007 and successfully completed the acquisition of the remaining shares in November of the same year. Medicamenta gives Glenmark a presence in both the Czech Republic and Slovakian markets, which are managed out of its sales headquarters in Prague. Medicamenta also has over 13,000 sq m of EU GMP approved manufacturing facilities which will provide Glenmark with a centrally-located facility for its European packaging, quality and distribution activities.  Medicamenta is on course to meet its first full-year sales targets. 

 

Sourced From: Glenmark Pharmaceuticals Limited