In February 2008, Labormed was taken over by investment fund Advent for EUR123 million, from a group of Romanian doctors and pharmacists.
In 2009, Advent expanded its operations by two transactions, namely Ozone Laboratories medicine portfolio and 12 brands of homeopathic medicines and herbal remedies PlantExtrakt.
In 2012, Labormed Pharma reported a turnover of RON88 million, down 24% on the year, and RON113 million losses.
Labormed’s product portfolio includes cardiovascular and central nervous system medicines, as well as on OTC analgesics, vitamins, probiotics and cough & cold. Its portfolio complements Alvogen’s existing portfolio, which mainly focuses on oncology and hospital products. Last year, Labormed gave up the 12 brands bought from PlantExtrakt, which were re-included to the portfolio of the homeopathic medicines maker.
According to market research company Cegedim, last year, Labormed ranked 18th among the largest Romanian drug producer with sales of RON231.3 million and a market share of 1.8%.
Alvogen entered Romania in 2010 and operates in over 25 states, including Russia, Bulgaria, Hungary, Serbia, China, Thailand, Taiwan and North America.
Advent is one of the world’s largest private equity firms and administers EUR19.4 billion assets.
Between 2003 and 2006, Advent controlled drug producer Terapia Cluj-Napoca, which it sold to Indian group Ranbaxy for $324 million. In Romania, Advent also owns private healthcare service provider Regina Maria and tile maker Ceramica Iasi. (EUR1=RON4.5069)