India’s Glenmark Pharmaceuticals has expanded its presence in Europe by buying seven drugs in Poland from Iceland's Actavis and the latter’s Polish affiliate Biovena.

The Mumbai-headquartered firm did not disclose financial details of the deal but said it expected the brands to boost revenues by $15 million in the fiscal year ending March 2009. 50% of that figure will come from generic versions of the anti-depressant citalopram and the antiepileptic lamotrigine.

Glenn Saldanha, Glenmark’s chief executive, said that this portfolio acquisition “will accelerate our growth in a very promising central and east European market”. He added that Poland “has good potential for branded generic products and Glenmark will now have the necessary front-end and the product range to access and develop in this exciting market”.

Guy Clark, president of Glenmark Europe noted that after the acquisition of Medicamenta in 2007, which gave the firm access to the Czech and Slovakian markets, and the establishment earlier this year of a company in Romania, “this is another major development”. The acquisition of this product portfolio “fits well with Glenmark’s overall strategy for increasing revenue and accelerating growth in a key strategic market like Poland”, he claimed.

The pharmaceutical market in Poland was worth 4.7 billion euros in 2007 and is growing at about 8%, Glenmark said.