Glenmark Pharmaceuticals acquires Argentinean company Servycal

By Angela McDaniels

Seattle, Oct. 26 - Glenmark Pharmaceuticals Ltd. said its Swiss subsidiary Glenmark Pharmaceuticals SA has acquired Argentine marketing company Servycal SA for an undisclosed amount.

The cash acquisition was funded through internal accruals of Glenmark and marks the first direct entry of an Indian pharmaceutical company into Argentina, Glenmark said.

The company said Servycal, with a focused oncology portfolio, will enable Glenmark to expand its geographical scope and breadth of product offerings in the growing South American pharmaceutical market.

Servycal's products are registered in 13 South American countries. With a strong retail and hospital presence in Argentina, Glenmark expects Servycal to close fiscal year 2005-06 with revenues of $4 million and a net profit margin of about 10%.

"Acquiring a front-end in key geographies such as Argentina is a part of Glenmark's long-term plan to emerge as a specialty/brand company marketing novel drugs, developed either in-house or in-licensed, in markets outside the United States, the European Union and Japan," said Glenmark managing director and chief executive officer Glenn Saldanha in a news release.

"A detailed plan to derive synergies from the acquisition in the near term has been developed and includes leveraging Servycal's product portfolio across our other country markets, both within and outside South America."

Mumbai, India-based Glenmark manufactures and markets pharmaceuticals and active pharmaceutical ingredients.

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