Toronto-based Apotex, the largest producer of generic drugs in Canada, has agreed to sell its operations spanning five different European countries to Hydebrad-headquartered pharmaceutical manufacturing firm Aurobindo.
The deal, valued at €74mn (CAD$114mn), will see Aurobindo acquiring Apotex’s commercial operations across Poland, the Czech Republic, Spain, Belgium and the Netherlands, significantly bolstering its European presence.
“Acquiring Apotex' businesses in these key five countries will allow us to further expand our product offering, including OTC medicines in the Netherlands, and considerably strengthen our position in Eastern Europe,” said Venugopalan Muralidharan, Senior Vice President of European Operations, Aurobindo.
Meanwhile, the sale will allow Apotex to focus its attention more readily across its core markets in the Americas.
“This is a positive move for our organization and enables us to further accelerate our efforts to drive additional growth in the Americas, while also creating manufacturing capacity to meet growing demand,” said Jeff Watson, President & Chief Operating Officer, Apotex.
As part of the deal, Apotex has agreed to a manufacturing and supply arrangement to support the transitional period that will occur as a result of these changes.