New Delhi, Dec 14 (PTI) JB Chemicals & Pharmaceuticals on Wednesday said it has inked a pact with Glenmark Pharmaceuticals to acquire Razel (Rosuvastatin) franchise for India and Nepal for Rs 314 crore.

The transaction is expected to be closed within the next two weeks subject to customary closing formalities, the Mumbai-based drug maker said in a statement.

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Razel ranks among the top ten brands in the Rosuvastatin molecule category in the country. The medication is used to prevent cardiovascular disease in those at high risk and treat abnormal lipids.

"With this addition, we now have established a strong position in statins besides being among the leaders in hypertension and heart failure - all the fastest growing therapeutic indications in cardiology," JB Chemicals & Pharmaceuticals CEO and Whole Time Director Nikhil Chopra said.

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The company sees good growth potential from the acquired brands, he added.

"This acquisition will help us leverage our existing go-to-market model focused for this segment and further strengthen our chronic portfolio," Chopra stated.

In a separate statement, Glenmark said the divestment is in line with its strategy of focusing on other sub-categories of the cardiovascular segment.

"Going forward, the company will continue to further consolidate its position in its core therapeutic areas of cardio-metabolic, respiratory, dermatology, and oncology," it added.

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