Intas buys hospital business of Spanish drug maker Combino Pharma

Ahmedabad-based Intas Pharmaceuticals on Wednesday acquired Spanish drug maker Combino Pharm's hospital business in Spain and Portugal for an undisclosed amount.

The acquisition will help Intas become the second-largest hospital business player in Spain. The acquisition was made by Accord Healthcare, Intas' subsidiary based out of the UK and Spain.

Binish Chugar, vice chairman and Managing Director of Intas, said that, through this acquisition, Accord obtains certain rights over Combino's hospital portfolio in a number of European and non-European countries. The acquisition offers a lot of synergies to Accord's existing business in Spain and strengthens its operations in Spain and Portugal with a broader and more robust portfolio of products, he said.

Privately-held Intas started exports to Europe in 2001 as one of the first Indian generic companies to tap developed markets. With more than Rs 5,200 crore in annual turnover, Intas is the 12th-largest domestic pharmaceutical company by revenue. More than 55 per cent of its revenue comes from exports to over 72 countries.

Intas grew at a compounded annual growth rate of over 27 per cent during the past five years. It has the largest number of indigenously developed biosimilars (reverse-engineered biotech drugs) in the domestic market.

"We have invested close to $125 million to develop bioismilars and will tap the opportunity that is going to come in coming years," Chugar had told Business Today in a recent interview. He had also said that the company may not look at listing on the stock exchanges in the near future unless it opts for large acquisitions in the US or Europe.