India's Ranbaxy buys GSK's Spanish generics business Mundogen

India's Ranbaxy Laboratories, one of the top-10 global generic drug firms, has acquired the Spain-based Mundogen generics business of GlaxoSmithKline. Financial terms of the deal were not disclosed. Commenting on the deal, Ranbaxy's chief executive, Malvinder Mohan, said that the "acquisition will further consolidate out presence in the rapidly-growing Spanish generic market and strengthen our product portfolio." The Indian group already has a subsidiary in Spain, where the generics market, according to IMS data, is valued at around 600.0 million euros ($751.6 million) and growing at 25% a year. This compares with a total pharmaceutical market worth 10.0 billion euros.