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DRL acquires JB Chemicals’ prescription portfolio in Russia
DRL announced that it has entered into an agreement with JB Chemicals &
Pharmaceuticals to acquire its pharmaceutical prescription portfolio in Russia and other
CIS regions. The agreement involves acquisition of 20 brands, key ones being Metrogyl
and Jocet, for a consideration of US$34.85mn. DRL, which entered the Russian market in
1992, reported revenue of `10.9bn (US$244mn) as of FY2011, representing growth of
19% from Russia and other CIS markets. DRL currently has key brands such as Omez,
Nise, Ketorol and Ciprolet, which are ranked No. 1 in their respective molecular segments.
DRL has also entered into a supply agreement with JB Chemicals for the continued
manufacturing and supply of these products associated with the acquired brands. This
acquisition will help expand the company’s prescription, hospital and OTC portfolio,
complementing its existing strong basket of products. The brands are across key
therapeutic areas and will add to the company’s revenue in Russia and CIS markets.
The portfolio also includes products in the hospital segment, where DRL has an established
presence through a field force and network of distributors in the CIS markets. DRL also
gains access to several hospital products in the pipeline, quite a few of which would be first
generic to the launch. While the numbers are not available, the move is positive for the
company. At the CMP, the stock trades at 17.9x FY2012E and 16.4x FY2013E earnings,
respectively. We maintain Buy on the stock with a target price of `1,920.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
DRL acquires JB Chemicals’ prescription portfolio in Russia
DRL announced that it has entered into an agreement with JB Chemicals &
Pharmaceuticals to acquire its pharmaceutical prescription portfolio in Russia and other
CIS regions. The agreement involves acquisition of 20 brands, key ones being Metrogyl
and Jocet, for a consideration of US$34.85mn. DRL, which entered the Russian market in
1992, reported revenue of `10.9bn (US$244mn) as of FY2011, representing growth of
19% from Russia and other CIS markets. DRL currently has key brands such as Omez,
Nise, Ketorol and Ciprolet, which are ranked No. 1 in their respective molecular segments.
DRL has also entered into a supply agreement with JB Chemicals for the continued
manufacturing and supply of these products associated with the acquired brands. This
acquisition will help expand the company’s prescription, hospital and OTC portfolio,
complementing its existing strong basket of products. The brands are across key
therapeutic areas and will add to the company’s revenue in Russia and CIS markets.
The portfolio also includes products in the hospital segment, where DRL has an established
presence through a field force and network of distributors in the CIS markets. DRL also
gains access to several hospital products in the pipeline, quite a few of which would be first
generic to the launch. While the numbers are not available, the move is positive for the
company. At the CMP, the stock trades at 17.9x FY2012E and 16.4x FY2013E earnings,
respectively. We maintain Buy on the stock with a target price of `1,920.
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