Indian coup for Clonmel drug company
Glenmark said the drugs, which it did not name, had a potential market in the United States worth €40 million.
Both drugs have been granted approval by American drug authorities.
Glenmark, which is headquartered in Mumbai (which was formerly known as Bombay and is India's main business city), hopes to launch its version of the drugs next year and has set a target of 25% market share for each.
Chief executive Jeffrey Weiss said the drugs would go a long way to enhance Glenmark's profile in America and make it easier to launch products under the Glenmark label.
The company also hoped that the acquisition of the drugs would bring forward the US Food and Drug Administration's inspection of its plant in Goa, on India's west coast.
Clonmel Healthcare chief executive Rory O'Riordan said the drugs were part of an 80-strong portfolio of generic drugs which Clonmel had no plans to manufacture.
They are not believed to be core to the company's business.
Mr O’Riordan said the drug licences had changed hands for relatively small amounts in the region of €60,000.
Clonmel Healthcare, a subsidiary of German drug giant Stada, employs 250 people and generates annual turnover of approximately €55 million.
It has two manufacturing plants in Clonmel and an administrative office in Dublin.
Most of its business is derived from the manufacture of generic drugs in powder or tablet form that are no longer protected by patents, with continental Europe accounting for approximately 90% of sales. Its drugs are used in the treatment of allergies and heart-related, genito-urinary and nervous disorders.
The company also makes a range of painkillers and antibiotics.
The group's parent has a market capitalisation of more than €1 billion and has sales and manufacturing operations in 18 countries in continental Europe, America and Asia.
It exports to a further 25 countries.
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