The European Commission (EC) has approved the takeover of the pharmacies network Help Net and of the pharmaceuticals distributor Farmexim by German group Phoenix. The deal was evaluated at over EUR 100 million, according to media sources.

The Commission did not identify any competition issues arising from the takeover, as the companies involved had “modest” market shares. Managerial teams of both companies will continue to work for the new owner.

Phoenix was set up in 1994 in Mannheim. The group is one of the largest pharmaceutical companies in the world, with more than EUR 20 billion annual sales. It has over 2,000 pharmacies in 26 countries under BENU, Apotek 1 and Rowlands Pharmacy brands.

Help Net is in top five largest pharmacy chains in Romania, with more than 220 units and about 2.5 million clients.

Farmexim was set up in 1990, being the first private company in Romania that imported and distributed pharmaceuticals. Farmexim’s sales reached RON 1.85 billion (EUR 412 million) and its net profit stood at RON 19 million (EUR 4.1 million) in 2016.

German group buys Romanian drug distribution and retail business

editor@romania-insider.com