Indian drugmaker Ranbaxy has acquired Terapia, the largest independent generic drug company in Romania, for $324 million. Ranbaxy will buy 96.7 percent of Terapia from private equity firm Advent International.

"It's a great buy, and this would make us the biggest generic maker in Romania," said Malvinder Singh, CEO of Ranbaxy. "Ranbaxy and Terapia will have the largest marketing force and would cover all the pharmacies and hospitals."

With the Terapia acquisition, Ranbaxy joins a growing list of Indian companies hoping to expand within the European market, which is expected to grow exponentially throughout the coming years.

"For Ranbaxy, Terapia delivers strategic Romanian and pan-European synergies helping to unleash new opportunities," the Indian company said in a statement.