Glenmark acquires Bouwer Bartlett, and is at forefront of India

Glenmark Pharmaceuticals SA, the wholly-owned Swiss subsidiary of India's Glenmark, says it has acquired the South African sales and marketing firm Bouwer Bartlett for an undisclosed sum. The company notes that Bouwer Bartletts significant presence in the South African dermatology sector- it currently markets 22 products in the region- will facilitate its expansion into the marketplace. Glenmark added that it expects its new South African operations to close at $3.1 million with earnings before taxes, depreciation and amortization of $600,000 in 2006.

Glenn Saldanha, managing director of Glenmark, commented: "the purchase of Bouwer Bartlett is part of our long-term strategy to emerge as a specialty brand company marketing novel drugs, by acquiring front ends in key markets outside the USA, the European Union and Japan," and added that the purchase is an addition to its three other African offices in Ghana, Kenya and Nigeria.

In related news, Glenmark has announced the launch of a foreign currency convertible bond offering with the intention of raising $30.0 million. The bonds are expected to be listed on the Singapore stock exchange, and may be converted into ordinary company shares.