Hi-Tech Pharmaceuticals buys Mexican OTC manufacturer

NORCROSS, Ga. — Hi-Tech Pharmaceuticals on Monday announced its acquistion of Advanced Pharmaceuticals and Nutritionals, which is headquartered in Guadalajara, Mexico.

 

Details of the transaction were not disclosed. 

 

"The combination of these two great companies accelerates Hi-Tech's international growth strategy, substantially diversifies our business streams and establishes a durable leadership position in Mexico and the South American Nutritional and OTC marketplace," stated Hi-Tech chairman, president and CEO Jared Wheat. "We believe this strategic transaction will enhance our industry-leading growth profile by expanding market opportunities. APN brings a leading OTC and Nutritional distribution portfolio, Latin America capabilities and a highly experienced management team to support Hi-Tech's continued growth."

 

APN is one of the larger players within the Latin American OTC and nutritional markets and distributes many leading cough and cold,  pain relief, weight management, sports nutrition, nutraceuticals and gastrointestinal treatment brands. 

 

Citing IMS, HI-Tech reported that sales of OTC medicines currently account for approximately 11% of the total global pharmaceutical market (or approximately $87 billion) and Latin American countries command 12% relatively. Latin America is likely to be the fastest growth area for OTC medicine, with a predicted five year CAGR rate of 17%.