Aurobindo Pharma announced last Friday (November 25) that its French subsidiary Arrow Generiques SAS has signed an agreement to acquire select commercial products in France from Teva.
Shares of Aurobindo Pharma advanced to Rs 748.85 in early trades, gaining more than a percent, but turned weak subsequently and is currently trading at Rs 736, down 0.5% from previous closing price.
As per the agreement, Aurobindo Pharma's subsdiary will aquire the right, title and interest in products calcium and calcium vitamin D3, including the use of the OROCAL trademark.
Following receipt of clearances from European authorities, Arrow Generiques will integrate these products with its existing commercial operations in France, and focus on maximizing their potential. This acquisition will enable Arrow Generiques to continue to increase its branded products portfolio and leverage its position as a key player in the drug market.
A few years ago, Aurobindo's subsidiary Arrow Generiques had entered a strategy of diversification with the acquisition of the first branded products so as to turn into a company that has presence in generics, branded products and biosimilars on retail and hospital market, and set up a dedicated Business Unit with sales and marketing team to enhance this business.
Arrow Generiques SAS bagged the Medical Visit Certification and that confirms the company's strategy in medical promotion. Aurobindo hopes the current deal will help boost Arrow Generiques' position in the industry and open new opportunities for the future.