Continuing with its push in the US market, Ranbaxy Laboratories said on Monday it has acquired the marketing rights for 13 skincare products from Bristol-Myers Squibb Company for $26 million.
"The rights are only for the US market. We have paid a sum of $26 million for this and revenues from these products is about $15 million currently," Ranbaxy Laboratories Ltd Managing Director and CEO Malvinder Mohan Singh told PTI.
The revenues from the products, he said, will start accruing into the company's account by end of this month. With this acquisition of rights, Ranbaxy will now have 14 products in its dermatology
basket for the US market.
The acquisition will enable the company to establish an immediate presence in segments such as dermatitis, psoriasis, scabies and anti-fungals, in addition to acne, where the company already has a dominant brand.
"Ranbaxy already has a strong presence in the acne segment with Sotret Isotretinoin capsules, which has a market-share of over 36 per cent," Singh added.
The new brands would be sold in the US market under the Ranbaxy Laboratories Inc label. The 13 products, used in treatment of acne, dermatitis, psoriasis, fungal infections and scabies, were present in the US market for over 10 years.
The US dermatology market is estimated to be at $10 billion and has experienced growth of 10 per cent per annum.
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