Czech pharmacy chain Dr. Max Group, controlled by the investment fund Penta Investments, continues expanding on the Romanian market by acquiring the pharmacies and distribution division of the Hungarian group Gedeon Richter. According to Ziarul Financiar sources, the transaction is valued at over EUR 20 mln.

The deal pends approval from the Competition Council.

If approved, this step will strengthen Dr Max's position in the local market and bring the group closer to the market leader, the Catena chain, which has 900 pharmacies. Gedeon Richter had 94 pharmacies last year, according to ZF data.

"Through the acquisition of Gedeon Richter's retail and distribution operations in Romania, Dr. Max further consolidates its leading position as an omnichannel pharmaceutical services retailer in Romania. This transaction is also a clear sign of the group's confidence in the Romanian market, and our strategy aims to continue strengthening our position in the CEE region", said Gabriel Ianculescu, M&A director at Dr.Max Romania.

andrei@romania-insider.com

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