Natco Pharma to spend $20-25 mn on US retail buys
Natco Pharma Ltd will spend $20 million-$25 million to acquire drug retail chains in the United States and expects to close some deals by December, a senior company official said on Wednesday.
Hyderabad-based Natco is targeting sales of $100 million-$150 million by the end of 2006 from its retail operations in the United States, Bhaskara Narayana, director and chief financial officer, told media in a telephone interview.
New Jersey-based pharmacy outlet NICK’s Drug Store, in which Natco acquired a 75 per cent stake in January 2006, would contribute $22 million to this target, Narayana said.
"We are in negotiations with a series of stores and chains," Narayana said. "We are not looking at any particular number of stores, we are looking at the revenue generating of a particular store."
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