Prague-based pharmaceutical group Zentiva, which entered the Romanian market in 2005 by taking over the largest local generic drug producer - Sicomed, announced that it completed the takeover of local pharmaceutical producer Labormed under a regional deal.

Zentiva Group has completed the acquisition process for Alvogen’s operations in Central and Eastern Europe (CEE), announced last year. The transaction contributes to the group's continued organic growth, strengthening Zentiva's position and impact in Poland, Romania, Bulgaria and expanding its presence in new markets, including Russia, Ukraine, Kazakhstan, Hungary, Croatia and the Western Balkans.

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: the company)