Glenmark has 40m-dollar budget for pharmaceutical acquisition

Indian-based drug manufacturer Glenmark, which is expected to officially start operations on the local market this year, could invest up to 40 million dollars in company acquisitions. “We have not earmarked a particular sum for acquisitions in Romania, but, if an opportunity arises (i.e. a company with a portfolio that matches our strategy), we will buy it. We are willing to spend up to 40 million dollars,” said Guy Clark, President of Glenmark for Europe. He specified they have been looking at small to medium Romanian drug manufacturers, but have not submitted any binding offers so far. Glenmark is also interested in developing partnerships with Romanian manufacturers to manufacture drugs locally, and is holding talks on the subject. “When it comes to a potential acquisition, we are looking at companies with a turnover ranging from 2 to 25 million euros. It is easier to acquire a company that has already invested in production, than to start from scratch,” said Mariana Wencz, country general manager of Glenmark Romania.