Mumbai-based Marksans Pharma is acquiring UK's pharmaceutical company Bell, Sons & Co (Druggists), a wholly-owned subsidiary of Hale Group PLC, UK, for an estimated $20-30 million. | |
| Marksans is entering into a share purchase agreement with Hale Group PLC to acquire its entire share capital along with Bell, Sons & Co. |
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| The acquisition will be done through Marksan's subsidiary, Marksans Pharma UK Ltd, the company informed the Bombay Stock Exchange today. |
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| Marksans Pharma executives would not comment on the deal, saying it will be concluded late tonight India time. The company's managing director, Mark Saldanha, was not available for comment. |
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| Mark is the brother of Glenn Saldanha, managing director of Glenmark, one of the country's largest research based pharmaceutical companies. |
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| The acquisition will provide the Rs 250 crore Marksans an entry into the branded product category in Europe. The UK is a major market for the company, which gets more than 70 per cent of its export turnover from that country and surrounding markets. |
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| Marksans had acquired Australia's Nova Pharmaceuticals, a generics company with a turnover of $10 million in March last year. |
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| Sources said Bell & Co has a factory in Southport that is licensed by the UK Medicines and Healthcare products Regulatory Agency (UK MHRA) to manufacture liquid drugs, ointments and powder products. |
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| The products are distributed across UK and exported to Europe, the Caribbean, Africa, the Middle East and the Far East. Bell & Co is also into contract manufacturing and produces private-label products for a number of major customers. |
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| Bell is mainly into the manufacture of over-the-counter products such as analgesics, antiseptic disinfectants, cough and cold products, creams, ointments and oils. |
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| Marksans Pharma is one of the largest producers of such antibiotics as ciprofloxacin and ranitidine in India. The company focuses on cardiovasculars, anti-diabetics and neurosciences. |
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