Ranbaxy Laboratories Ltd. said Wednesday it is buying Romania's leading generic drug producer Terapia for $324 million, as part of its plans to expand presence in the European market.

The announcement about Terapia came two days after Ranbaxy -- headquartered in Gurgaon, India -- said it was acquiring GlaxoSmithKline PLC's generic business in Italy.

Ranbaxy, which is among the world's top 10 generic drug makers, has mostly relied on the U.S. market for its global sales, but the company is now increasingly looking to Europe. Last month, it lost to rival Dr Reddy's Laboratories in a bid for German drug maker Betapharm.

The Terapia buy will provide the company with "proximity and access to high growth markets," Ranbaxy Chief Executive Malvinder Singh said in a statement.

"The transaction is compelling and furthers us on our path to becoming a top five global generic company," Singh said.

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