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Portugal's Hovione surpasses $100 million mark

This article was originally published in Scrip

Executive Summary

Increased drug approvals in the innovator and generics sectors have helped Portugal’s Hovione – specialists in API development – reach landmark sales of $103.7 million for the year ending March 31st, says the Portuguese group. Sales grew by 11% in comparison with the previous year, for the first time exceeding $100 million. The group expects soon to be ahead of target for achieving sales worth $150 million by 2010, according to Guy Villax, Hovione's chief executive. Last December the group acquired a 75% stake in the Chinese company Zhejang Taizhou Pharmaceuticals, which it hopes will be the launch pad for operating in Hong Kong and Macau.

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