News: 'Aurobindo Pharma eyes buys in Europe'

(RTR 04/04/2007) Mumbai - Drug maker Aurobindo Pharma Ltd. plans to acquire up to three small drug firms in Spain and Portugal in the next four months to expand its approved drugs basket there, the Mint newspaper said on Wednesday.

"We are primarily interested in acquiring companies with turnovers of 5-10 million euros and significant product registrations," Chairman P.V. Ramaprasad Reddy was quoted as saying.

Aurobindo was expecting 30-40 product approvals in European countries in the next one year and was keen to expand its product basket there to about 90 products, Reddy said.

Company officials could not be reached for comment.

Aurobindo still had $130 million left from the $200 million it raised through foreign convertible bonds last year and could use the money for these acquisitions, the paper said.

Last year Hyderabad-based Aurobindo acquired two European drug firms, the Dutch Pharmacin International B.V., and UK's Milpharm Ltd.

Aurobindo's shares were trading 1.8 per cent higher at Rs 683 in a firm Mumbai market.