Glenmark concludes deal to acquire Medicamenta a.s., a pharmaceutical marketing and manufacturing company in the Czech Republic

26 March 2007

Mumbai
Glenmark Holdings SA [GHSA], a wholly owned Swiss Subsidiary of Glenmark Pharmaceuticals Ltd. (India) [Glenmark] has concluded a deal to acquire a majority shareholding (>90%) of the company Medicamenta a.s [Medicamenta], giving Glenmark its first commercial foothold into the strategically important market of Europe. Under Czech Law, a holding of more than 90% shares in a company will trigger a mandatory takeover bid for the remaining shares.

Glenmark’s acquisition of Medicamenta, which has sales and marketing operations in both Czech Republic and Slovakia, is for an undisclosed consideration. This acquisition provides Glenmark with a strategic entry point into two of the fastestgrowing and attractive markets in Europe.

The pharmaceutical market in both countries is dominated by branded generics and Glenmark expects Medicamenta to provide a base for its branded business in Europe, and will also look to develop and expand Medicamenta’s current portfolio of pharmaceutical products. Medicamenta’s leading product, Ataralgin, is a household brand in Czech Republic and Slovakia – a product for the treatment of headache, cold and pain.

Medicamenta’s projected revenues for the calendar year 2007 are $ 8 Mn. Medicamenta has 60 employees and brings along a basket of 29 solid dose and semisolid products. These products are manufactured at its plant in Vysoke Myto, Czech Republic which spreads over 13,000 sq. metres and is approved by the Czech Regulatory Agency (SUKL). Glenmark plans to make use of Medicamenta’s plant capacity to support its broader operations, by providing additional manufacturing, packaging, quality release and warehousing for its European business.

Nomura International, assisted by Nomura Code Securities, advised Glenmark in the acquisition of Medicamenta a.s., Czech Republic

About Glenmark

Glenmark Pharmaceuticals Ltd. is a research-led, global, fully integrated pharmaceutical company headquartered in Mumbai, India. The Company is a leader in India in the discovery of new molecules and is focused in the areas of inflammation [Asthma/COPD, etc] and metabolic disorders [Diabetes, Obesity, etc]. The Company has generic formulation and API business interests in over 80 countries across the world including the highly regulated markets of USA and Europe. The formulation business spans several product segments such as Dermatology, Internal Medicine, Paediatrics, Gynaecology, ENT, Diabetes and Oncology. Glenmark’s first Asthma/COPD molecule, Oglemilast [GRC 3886], was licensed out to Forest Laboratories and Teijin Pharma Limited for the North American and Japanese markets, respectively, in two landmark deals. Oglemilast is presently undergoing Phase II clinical trials in the US. The Company’s second lead GRC 8200, a DPP-IV inhibitor for Type II Diabetes was recently out-licensed to Merck KGaA, Germany for the North American, European and Japanese markets. A third molecule targeting pain, GRC 6211, recently entered Phase I clinical trials in Europe. Glenmark has three other programmes across obesity, inflammation and pain management at the pre-clinical stages; all of which should enter the clinics in by H1 FY2008. www.glenmarkpharma.com