Mumbai, Oct. 26: Glenmark Pharmaceuticals today said its wholly-owned Swiss subsidiary, Glenmark Pharmaceuticals SA, has acquired Servycal SA, a pharmaceutical marketing company in Argentina, marking Glenmark’s foray into the Latin American country. The company, however, didn’t disclose the sum at which it has bought Servycal, but said the all-cash deal would be funded through internal accruals of Glenmark SA.

Servycal is an Argentina-based marketing company with a strong retail and hospital presence in the country and has a dedicated oncology portfolio. Besides Argentina, Servycal’s products are registered with 12 other Latin American countries.

The acquisition will not only enable Glenmark to widen its geographical reach, but will also help increase its product offerings for the fast growing South American pharmaceutical markets.

Servycal is expected to close the current fiscal year with sales figure of $4 million.

“Acquiring a retailer in key markets, such as Argentina, is a part of Glenmark’s long-term strategy to emerge as a speciality or branded company marketing novel drugs. These (drugs) may be developed either in-house or in-licensed for markets outside the US, the EU and Japan,”' said Glenmark CEO and managing director Glenn Saldanha.

He added that a detailed plan has been drawn up to derive synergies from the acquisition in the near term.