Almirall Prodesfarma acquires Pharmafarm

Almirall Prodesfarma of Spain has gained a foothold in the Frenchpharmaceutical market with the acquisition of the country's Pharmafarm Laboratories from Halisol and GDS. Financial details of the deal were undisclosed, but the Barcelona-based group noted that Pharmafarm has an annual turnover of 36 million euros ($30.4 million).

Pharmafarm, which has its headquarters in Paris, employs 130 people and sells products in the gastrointestinal, antibiotic, antihypertension and cerebrovascular areas. Almirall Prodesfarma said the purchase is a good strategic fit and is in line with the company's aim of "consolidating its international expansion in the principal pharmaceutical markets by way of an own-presence strategy."

Chief executive Jorge Gallardo added that the two firms "share a very similar vision of the pharmaceutical market," and claimed that "this acquisition also represents a step forward for the Spanish pharmaceutical industry." The French drug market has a volume three times higher than the Spanish one, and Almirall Prodesfarma is looking to introduce its antimigraine drug Almogran (almotriptan) and the antihistamine ebastine into France in the near future.