Sinclair IS Pharma moves on Mexico, has eye on Brazil

The U.K.-based dermatological drugmaker Sinclair IS Pharma is expanding into Mexico through a deal with Quintiles. The company grew out of the merger last year of Sinclair Pharma and IS Pharma. The company, which has seen its revenues increase 50% in the last year to £51.4 million ($82.9 million) is still looking for a profit, having just reported a loss of £9.8 million ($15.8 million), compared with a loss of £11.7 million in the previous year, The Financial Times reports. The company last year bought the non-U.S. dermatological business of Advanced Bio-Technologies for £21 million ($33.9 million). While this is the only move it is making at this point in Latin America, CEO Chris Spooner tells the newspaper that it has its eye on the rapidly expanding Brazilian market. No surprise since Quintiles just opened operations there in July. Quintiles estimates Brazil's biopharma market at $17.1 billion, and Quintiles will set up sales and marketing operations to help its clients cash in on the burgeoning demand. Story | More