India's Torrent buys Heumann from Pfizer
Indian drugmaker Torrent Pharmaceuticals has agreed to acquire Heumann Pharma GmbH & Co Generica KG of Germany through its wholly-owned German affiliate, Torrent Pharma GmbH.
Heumann Pharma Generics, a subsidiary of world pharmaceutical leader Pfizer, is engaged in the business of marketing generic medicines in Germany under the overall brand name Heumann and had turnover of some 50.0 million euros ($60.8 million) for the fiscal year ended November 30, 2004. The firm is ranked 11th in the German generics market.
Sanjay Dalal, finance director of privately-held Torrent, which last year generated revenues of 5.66 billion rupees ($130.1 million), said the purchase was the group's first move to establish a presence in Europe's most-mature generics market. Financial terms of the deal are not disclosed but, according to a report in the UK's Financial Times, the price paid for the German unit is no more than 9.0 million euros.
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