Glenmark unit buys Brazilian brand <br /> for $4.6mn

Glenmark Farmaceutica (GFL), the wholly-owned Brazilian subsidiary of Glenmark Pharmaceuticals, has purchased a leading hormonal brand, Uno-Ciclo, from Instituto Biochimlco Industria Farmaceutica (Biochimico) for $4.6 million.

According to a release issued by Glenmark Pharma to the BSE today, the brand generated sales of $3.1 mn in Brazil in  12 months prior to the acquisition.

"GFL has acquired the trademark along with exclusive manufacturing and marketing rights globally. As part of the agreement, Biochimico will contract manufacture the product for GFL. GFL will initially market the brand in Brazil and will work on extending the coverage to other Latin American markets," the release added.

Glenn Saldanha, managing director and CEO of Glenmark Pharma, said: "The purchase of Uno-Ciclo is another step towards enhancing our product basket and extending our reach in Brazil and the Latin American region."