Pharmaco hf. takes majority stake in Serbia’s Zdravlje
Deal ’strengthens marketing position’ for Pharmaco and opens up new markets for Zdravlje’s products.
Icelandic pharmaceutical company Pharmaco hf. has agreed to purchase 69% of the shares of Serbian pharmaceutical company Zdravlje and will buy an additional 15% within the next three years. Pharmaco will finance further development of the Serbian company.
Founded in 1953, Zdravlje is a production company, based in Leskovac with a sales operation in three other countries. It’s the third biggest pharmaceutical company in Serbia with a strong position in the home market, as well as exporting pharmaceuticals to four countries. 2001 revenues were about €30 million.
Pharmaco´s investment in Serbia is a part of the company’s investment policy to increase its share in markets suitable for Pharmaco´s operations. Zdravlje has 2,100 employees. After the acquisition, Pharmaco will have 7,400 employees operating in 13 countries.
The agreement will strengthen Pharmaco’s marketing position considerably, gaining a foothold in new markets, as well as opening up new markets for Zdravlje’s products.
Pharmaco is an international company specialising in the development and sale of generic drugs. Estimated turnover in 2002, exluding the influence of Zdravlje amounts to ISK 18.6 billion and anticipated profit is about ISK 3 billion.
Pharmaco hf and Delta hf merged on September 27 under the name of Pharmaco hf. Delta’s Director, Robert Wessman, became the Director of Production, and Sindri Sindrason, Director of Pharmaco, became Director of Investments in the merged company. Pharmaco also owns production sites in Bulgaria and Malta.
For further information:
Mr. Sindri Sindrason CEO of Pharmaco
Tel: +354 892 4481
Keywords : Iceland Pharmaco Hf. Zdravlje Leskovac Serbia Generic pharmaceutical products
