Apotex Buys Spain's Lareq

Canadian drugmaker Apotex has acquired Spanish generic Lareq Pharma in a bid to expand its presence in Western Europe.

Lareq is the 13th-largest player in the Spanish retail pharmacy generics segment, and Spain is the seventh-largest pharmaceutical market in the world, Apotex said.

Apotex recently announced plans to acquire Topgen, the seventh-largest generic drugmaker in Belgium. The company did not disclose the price of either acquisition.

Apotex also has a presence in Australia, New Zealand, Mexico, the Czech Republic, Italy, the Netherlands, Poland and the UK. The company said it plans to spend $2 billion on R&D over the next 10 years and has more than 600 products in development.