The products belong to the cardio vascular system, central nervous system and pain management segments and the agreement has been entered between Barcelona bases, Laboratories Ranbaxy SL, the wholly owned subsidiary of the Company and Efarmes of Spain, Ranbaxy informed the Bombay Stock Exchange.
"The acquisition fortifies our presence in Spain while augmenting our existing product portfolio. With this strategic development, we will be able to provide a wide range of quality generics to meet the growing needs of patients in this part of the world," Peter Burmea, Ranbaxy regional director, Europe, CIS & Africa said.
The current generic market is valued at $700 mn and is estimated to be growing at 30 per annum, it said.