Prague-based Zentiva Group, which entered the Romanian market in 2005 by taking over the largest local generic drug producer Sicomed, will also take over local pharmaceutical producer Labormed under a regional deal.

The Zentiva Group announced the signing of a binding agreement for the acquisition of the operations in Central and Eastern Europe of pharmaceutical group Alvogen, for an amount that has not been disclosed.

“This acquisition fits perfectly with the Zentiva model and contributes to the fulfillment of our strategy. Zentiva will strengthen its important position in Central and Eastern Europe as it expands into new markets and will significantly increase its OTC competences and portfolio of medicines. We look forward to welcoming the over 1,000 new colleagues from the ECE Alvogen team to the Zentiva community. Together we will be stronger as we continue to contribute to our mission of providing high quality medicines at affordable prices to patients in Europe and beyond," said Zentiva Group CEO Nick Haggar.

In February 2008, investment fund Advent acquired Labormed for EUR 123 million, from a group of Romanian doctors and pharmacists who set up the company in 1991, and in May 2007 opened a factory in Bucharest, through a greenfield investment of EUR 13 million. American pharmaceutical group Alvogen took over Labormed from Advent in December 2012. Advent, which holds a controlling stake in Zentiva, now returns as an indirect shareholder in Labormed.

editor@romania-insider.com

(Photo source: Zentiva.ro)