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Orchid to take over Karalex Pharma
16 June 2010: Orchid Chemicals & Pharmaceuticals has signed an agreement to acquire Karalex Pharma, LLC, a US based generic marketing and sales services company in an all-cash deal for an undisclosed amount. The transaction is expected to close by end-June 2010 and is subject to customary closing conditions.
Through the acquisition, Orchid has created its presence in the front-end US market and will be able to reach its generic products to the US customers directly. The acquisition will add revenues of around $20 million (approx Rs 92 crore) to Orchid in the current year.
Headquartered in New Jersey, US, Karalex Pharma is a leading provider of generic pharmaceuticals focussed exclusively on the U.S. healthcare market. It was launched in 2007 as a pharmaceutical company committed to becoming a leading provider of marketing and sales services to US classes of trade for developers and manufacturers of generic pharmaceuticals. Karalex Pharma was founded by Nick DiMaio and Julie Trendowicz who have a collective experience of over 50 years in generic pharmaceutical sales and marketing.
Source: Hindu