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| Merck eyes Indian drug biggie, brands |
| P B Jayakumar / Mumbai Jan 30, 2009, 00:58 IST |
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Germany-based Merck KGaA, the world’s oldest multinational pharmaceutical company, is eyeing to acquire a prominent Indian pharmaceutical company and established drug brands. This is part of Merck’s plan to achieve the target of Rs 3,200-crore revenue from its Indian operations within the next four years.
“We are talking to some of the players and discussions are in advanced stages with a few of them. I wish the acquisition to happen in 2009,” said Marek Dziki, Managing Director of Merck India.
Funds would not be a constraint as Merck was looking at established generic companies with ‘quantity and quality’ in the domestic market, he said.
The ¤7.1-billion company has been evaluating its Indian options as part of its plans to focus on India, China, Japan and the US as major areas for future growth.
“We are not looking at companies having beaten down valuations due to the current market conditions, but at players that can complement our growth plans,” Dziki said on the sidelines of a press conference to launch iron-efficiency drug Femibion in the Indian market.
Merck Group companies Merck and wholly-owned subsidiary Merck Specialities together had an Indian turnover of ¤70 million or about Rs 450 crore in 2007.
Merck KGaA had divested its generic business to Mylan Laboratories of the US for $6.6 billion in 2007 following its acquisition of Europe’s largest biotechnology company Serono SA for $13.3 billion. This acquisition came after the company’s failed attempts in 2006 to acquire rival Schering AG. According to analysts, Merck’s plan assumes significance as India has become an important manufacturing destination for global pharmaceutical companies.
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