Natco buys US drug outlet
Natco Pharma Limited has announced the acquisition of a pharmacy outlet, NICK’s Drug Store based out of Newark, USA. The acquisition has been made by an American partnership firm, in which the company holds 75 per cent majority stake. For the year ended December 2005, the store is expected to post revenues of over $20 million with a net profit in excess of $1.7 million.
The company believes that retail would be the key growth area and the store that has been acquired would only be the first one in a chain of acquisitions that the company proposes to make.
Natco is also hoping that these stores would form a natural outlet for its generics as and when they are launched.