India-based Aurobindo Pharma has entered a definitive agreement to purchase commercial operations of Canadian generic pharmaceutical company Apotex International in five European countries.

Covering Poland, the Czech Republic, the Netherlands, Spain and Belgium, the deal also includes some supporting infrastructure, including personnel, products, dossier licence rights and marketing authorisations.

The €74m acquisition is part of Aurobindo’s European growth strategy. It is said to bolster the company’s geographic reach and commercial infrastructure in markets of Eastern Europe.

Upon completion of the transaction, Aurobindo will gain more than 200 prescription drugs and 88 over-the-counter medicines, along with a pipeline of more than 20 products expected to be launched over the coming two years.

Aurobindo has already identified various segments for significant value creation and synergies from the deal. It intends to use the acquired infrastructure to boost the commercial reach in multiple countries.

“The acquisition announced today is in line with our strategy to grow and diversify our business in Europe.”

The company also plans to sign a transitional manufacturing and supply arrangement with Apotex to support the growth plans of the businesses.

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The closing of the transaction is subject to competition clearances by the Dutch and Polish authorities.

Aurobindo European Operations senior vice-president V Muralidharan said: “The acquisition announced today is in line with our strategy to grow and diversify our business in Europe.

“We expect a seamless integration of the acquired businesses with the rest of the Aurobindo group given the success we have achieved in Europe to date.”

Auobindo currently operates in nine European countries, including Portugal, France, Germany, the Netherlands, Spain, Italy and the UK, in therapeutic areas such as tender generics, hospital generics and branded generics. Its work in Europe is supported by commercial and hospital sales infrastructure.

In Europe, the company reported €577m in sales for the fiscal year ending March 2018.