Ireland-based Altan Pharma has purchased a privately held group of Spanish companies, The GES Group, which develops, manufactures, and markets specialty injectable drugs.

Based in Madrid, GES includes three operating companies, comprising GES Genéricos Españoles Laboratorio, Genfarma Laboratorio and Biomendi.

Altan Pharma chairman and CEO Guillermo Herrera said: "GES is a highly respected leader in the specialty pharmaceutical segment with a reputation for supplying quality, injectable products.

"Altan offers Malin exposure to the growing specialty injectable drug market, which is seeing increasing demand for generic drugs as growth rates of more established products come under pressure."

"GES’s manufacturing expertise and international distribution network provide an attractive foundation for building Altan’s global specialty pharmaceutical business."

The acquisition will expand Altan’s generic injectable business in Europe and select Asian and Latin American markets, in addition to the Spanish market.

GES has been involved in supplying a comprehensive line of injectable drugs for the Spanish hospital market since 1985.

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The company is claimed to be one of the top firms in the pain and anti-infective segments of the Spanish market.

It is also having a well-established international distribution network that covers many European, Latin American and Asian countries.

Altan said that it raised debt financing and additional equity financing for the transaction, while Malin provided an equity investment of €34.5m for the deal.

Malin chairman John Given said: "Altan offers Malin exposure to the growing specialty injectable drug market, which is seeing increasing demand for generic drugs as growth rates of more established products come under pressure."

According to Altan Pharma, the global generic sterile injectables market is expected to grow from $37bn in 2013 to $70bn in 2020.