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Glenmark sets up company in Romania

Glenmark Pharmaceuticals on Tuesday said it has incorporated a company in Romania for its speciality pharmaceutical business and hopes to achieve net revenues of up to $50 million within five years in that country.

The drug maker has established the company, called Glenmark Pharmaceuticals srl and hopes to achieve net revenues of up to $50 million within five years in Romania, based on portfolio of branded generic and speciality products, Glenmark Pharmaceuticals said in a filing to the Bombay Stock Exchange.

Romania is a key strategic market for the development of Glenmark’s speciality business in Europe. Besides, Glenmark already has a number of its products under registration in this market, the company added. Romania is one of the two most recent additions to 27 countries of the European Union; along, with Bulgaria, that joined the EU in January 2007.

In a bid to facilitate this growth, Glenmark has appointed Mariana Wencz as the Country Manager of Glenmark Pharmaceuticals srl, who spearheaded the growth of Zentiva Romania to a leading position in the branded generics market, before joining Glenmark in late-2007. This would be Glenmark’s third country operation in Europe, following its acquisition of Medicamenta last year.

Glenmark acquired a 90% share in Medicamenta as in April 2007 and successfully completed the acquisition of the remaining shares in November of the same year. Medicamenta gives Glenmark a presence in both the Czech Republic and Slovakian markets. (Economic Times)