Zydus Cadila, India’s fourth largest pharmaceutical group and a global healthcare provider announced that it has acquired 100% stake in a Spain’s Laboratorios Combix to gain entry into the Spainsh market.

Laboratorios Combix, which has a pure generic focus, provides the right fit for Zydus’ entry strategy into a market that is estimated at USD 1.7 billion and is growing at 21.5%, as against 6% for the overall pharmaceutical market in 2007.

Established in 2006, Combix with a sales and marketing focus has a solid portfolio covering 17 molecules.

The move will help Zydus Cadila to fortify its business and leverage strengths in product development, a high quality, cost- competitive supply chain and operational efficiency.

While lecturing on the acquisition, Chairman and Managing Director, Pankaj R Patel said, “We had previously announced our strategic interest in this market and I believe that this acquisition offers us an opportunity to consolidate our presence as a robust generics Company and a leading global healthcare provider. The Spanish generic market is forecast to grow rapidly during the coming years and we are pleased to participate in this Growth.”

At 11:45 a.m., the shares of the company gained 1.8% to trade at Rs 296.75 on the Bombay Stock Exchange (BSE).