Ranbaxy heeft in Juni voor 324 miljoen dollar 97% van de rechten van Terapia overgenomen.
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Ranbaxy Acquires Leading Romanian Pharma Company Terapia for USD 324 mn
Ranbaxy Laboratories Limited (Ranbaxy) and Terapia S.A. (Terapia) of Romania
announced today that they have signed a definitive agreement providing for
the acquisition of Terapia by Ranbaxy. The deal will combine the strengths
of the two premier generic companies and will allow Ranbaxy to leverage its
expanded base in the rapidly growing Romanian pharmaceutical market, across
the European Union and the CIS markets.
Ranbaxy acquires 96.7% of Terapia from Advent International for US $324m. The deal will combine the strengths of the two premier generic companies and will allow Ranbaxy to leverage its expanded base in the rapidly growing Romanian pharmaceutical market, across the European Union and the CIS markets. The combination of Terapia with Ranbaxy’s existing Romanian activities creates the number one generics company in the Romanian market and will additionally boost Ranbaxy’s presence in the fast growing CIS markets.
For Ranbaxy, Terapia delivers strategic Romanian and pan European synergies helping to unleash new opportunities.
Completion of the transaction is subject to approval by the Romanian Competition Council. This is expected by June.
The interest of Ranbaxy was attracted by Terapia because of the Romanian company’s success, reputation, brand recognition and ability to deliver outstanding results.
Commenting on the acquisition, Mr. Malvinder Mohan Singh, CEO & Managing
Director, Ranbaxy Laboratories Limited said, “Terapia represents exceptional value for our stakeholders. Within the Ranbaxy fold, it unleashes multiple synergies of product development, product flow, low cost manufacturing, proximity and access to high growth markets, in country presence and sound fundamentals while being EPS accretive to the group immediately. The transaction is compelling and furthers us on our path to becoming a top five global generic company.”
Commenting on the deal, Ms. Joanna James, Managing Director Central Europe at Advent International said, “We have been strategic investors in Terapia and it has been our endeavour to add value to the entity at every point in the value chain. With consolidation imminent in the pharmaceutical industry, scale and global presence will be critical. We believe Ranbaxy is best equipped to take the company forward into its next phase of growth.”
Mr. Peter Burema, President, Ranbaxy, Europe, CIS, Africa & Latin America, said, “Ranbaxy’s acquisition of Terapia, the largest independent generics player in Romania, gives it a platform to further leverage its primary care presence across the European Union and the CIS markets through a strong product basket and future pipeline, in addition to Ranbaxy’s own products and pipeline. The product portfolio of the two companies is highly complementary.”
Romania is the fastest growing pharmaceutical market in the Central & Eastern European (CEE) region with an approximate annual growth of 34% from 2002 to 2005 versus the growth of 24% for the region. The high growth is coupled with a large market opportunity, as Romania is the second largest country by population in CEE. Romania, today is amongst the countries with an increasing per capita expenditure on pharmaceuticals. This provides significant head-room for the company to grow. Romania is also scheduled to join the European Union beginning January 1, 2007, opening up additional possibilities for market expansion.
“We welcome this move as combining the two companies commercial operations will establish a market leading position in the domestic primary care market and a superb platform for the introduction of new products. Further investment into Terapia’s Research & Development capabilities and manufacturing facilities, will create a major regional hub for the Ranbaxy business”, said Mr. Stephen Stead, Chief Executive of Terapia.
Terapia is the largest independent generic company in Romania. Its pro forma 2005 sales were approximately US $80 Mn, and the company has superior EBITDA margins in excess of 35 per cent. The acquisition will be EPS accretive immediately. Terapia also has a presence outside of Romania with 30% of its product portfolio registered in over 15 countries including the high growth generic markets of Russia, Ukraine and Poland. This provides a synergistic opportunity for Ranbaxy to leverage itself further in those markets.
Ranbaxy gains access to Terapia’s product basket of 157 marketing authorizations with a strong focus on the fast growing segments of CVS, CNS & musculoskeletal therapeutic segments. These presently comprise 71% of the Company’s domestic sales. Enalapril, Aspenter (Acetylsalicylic acid), Diurex 50 Pentoxi r*tard (Pentoxiflin) are some of Terapia’s successful products in the domestic market.
In this process of acquisition, Ranbaxy Laboratories Limited was advised by ABN AMRO Corporate Finance Ltd., while Advent International was advised by Merrill Lynch International.
Ranbaxy Laboratories Limited, headquartered in India, is an integrated, research based, international pharmaceutical company producing a wide range of quality, affordable generic medicines, trusted by healthcare professionals and patients across geographies. The Company is serving its customers in over 125 countries and has an expanding international portfolio of affiliates, joint ventures and alliances, ground operations in 46 countries and manufacturing operations in 7 countries.
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