Ahmedabad-based Intas Pharmaceuticals Ltd has acquired a part of Spanish firm Combino Pharm for an undisclosed amount, to strengthen its business in Europe, a top company executive told VCCircle.
Earlier, generic drugs firm Combino posted a message on its site saying it has transferred its hospital division, which deals with products and services sold to hospitals, to Accord Healthcare. Accord is a part of Intas.
The unit has operations in Spain and Portugal and deals with services such as barcodes incorporated in unit doses to facilitate dispensing and stock control, clinical packaging adapted to the length of treatments and logistics services dealing with supply of products to hospitals.
Jayesh Shah, group CFO of Intas Pharmaceuticals, told VCCircle that with this acquisition it aims to ramp up sales in Spain. “We are generating revenues worth $15 million in Spain and with this acquisition we will be more than doubling it,” he said.
“Combino has presence in the anti-infectal and critical care segment; so it was a natural choice for us. By acquiring it, our product basket will increase which will help us enhance offerings to hospitals,” he said.
Intas claims it is doing sales of $200 million in Europe and this deal strengthens its presence in the continent.
Last year, Singapore’s state-owned investment firm Temasek bought 10.16 per cent stake in Intas from PE firm ChrysCapital.
Intas was initially planning an IPO to raise funds and provide part-exit to ChrysCapital and has twice deferred its plan of going to the bourses.
In 2013, Intas wanted to raise Rs 225 crore via an IPO. It received SEBI’s nod for the same in September 2013. It let the approval lapse as Temasek provided part-exit to ChrysCap. Prior to that, it filed documents in 2011 for an IPO.
(Edited by Joby Puthuparampil Johnson)