Following the operation, Alvogen Lux Holdins becomes a shareholder in the generics producer, with 39.7319% of its share capital, and still holds a receivable of EUR30.28 million.
Labormed’s share capital will rise to RON610.965 million (EUR151.22 million). Other shareholders are Eurogenerics Holdings B.V., with 60.2679%, and Labormed general manager Laurentiu Scheusan with one share.
Both companies are owned by U.S. group Alvogen, which took over the Romanian pharmaceutical manufacturer early last year from investments fund Advent, in a $33 million (EUR24 million) deal. Advent had bought the company in 2008 for EUR123 million from a group of Romanian doctors and pharmacists who founded Labormed in 1991.
After acquiring the Romanian medicine drug producer, Alvogen said Labormed will serve as Alvogen’s head office in Central and Eastern Europe and Labormed facilities will be the manufacturing, R&D, sales and marketing base for the entire region.
According to market research company Cegedim, Labormed Alvogen was the 18th largest Romanian drug producer in 2013, with sales of RON231.3 million and a market share of 1.8%.
Alvogen entered the Romanian market in 2010 and operates in over 25 countries, including Russia, Bulgaria, Hungary, Serbia, China, Thailand, Taiwan and North America.