Canadian generics company makes second European acquisition

Apotex, the largest Canadian-owned generic pharmaceutical company, has acquired Lareq Pharma, of Spain, for an undisclosed sum from Industria Quimica Y Farmaceutica VIR.

Lareq is a mid-sized generic pharmaceutical company, with 12 generic registrations, several pending near-term launches and products in development.

The Spanish pharmaceutical market is the 5th largest in the EU and ranks 7th in the world, valued at almost Euro 13bn. The generics segment represents 9% of the total market, growing 16.6% compared with 7.6% for the overall pharmaceutical market in 2006.

The Spanish acquisition represents an important milestone for Apotex International as it extends the organisation's foothold in Western Europe and is a launching pad for the many EU products currently in the development pipeline.

"The Spanish generics market is a fast-growing market and all the major international generics competitors are present here," said Andrew Kay, president of Apotex International. "It is a key market for us as we establish ourselves as a recognised global generic player."

Apotex recently acquired Topgen, of Belgium, from the Zambon Group. "The acquisitions in Belgium and Spain, as well as our new affiliate in Turkey, are clear signals of our commitment to growth outside Canada and the US," added Kay.