Glenmark Holdings SA (GHSA), a wholly owned Swiss subsidiary of Glenmark Pharmaceuticals Ltd, will acquire a majority shareholding (ie over 90 per cent) of the Czech pharmaceutical Medicamenta A.S, for an undisclosed sum.

Under Czech Law, a holding of more than 90 per cent shares in a company triggers a mandatory takeover bid for the remaining shares.

This acquisition provides Glenmark with strategic entry point into two of the fastest growing and attractive markets in Europe — the Czech Republic and Slovakia.

The pharmaceutical market in the both countries is dominated by branded generics and the Company expects Medicamenta to provide a base for its branded business in Europe, and will also look to develop and expand Medicamenta''s current portfolio of pharmaceutical products.

Medicamenta''s leading products, Ataraigin, is a household brand in Czech Republic and Slovakia - a product for the treatment of headache, cold and pain.

Medicamenta''s projects revenues for the calendar year 2007 are $8 million. Medicamenta has 60 employees and brings along a basket of 29 solid dose and semi-solid products. These products are manufactured at its plant in Vysoke Myto in the Czech Republic spread over 13,000 sq metres.

Glenmark plans to make use of Medicamenta''s plant capacity to support its broader operation, by providing additional manufacturing, packaging, quality release and warehousing for its European business.

Glenn Saldanha, managing director and CEO, Glenmark Pharmaceuticals, "The purchase of Medicanments is a landmark event for Glenmark in Europe. It is another part of our long-term strategy to emerge as a speciality/brand company marketing novel drugs, by acquiring front-ends in key branded generics markets."