Labormed was set up in 1991 by a group of Romanian doctors and pharmacists. Following a EUR13 million greenfield investment, Labormed opened a drug production unit in Bucharest in May 2007. In February 2008, Labormed was taken over by investment fund Advent for EUR123 million.
According to market research company Cegedim, between October 2011 and September 2012, Labormed was the 15th largest Romanian drug producer with sales of 231.3 million lei (EUR52.8 million) and a market share of 2%.
Alvogen entered Romania in 2010. It is present in over 20 states, including Russia, Bulgaria, Hungary, Serbia, China, Thailand, Taiwan and North America.
Advent is one of the world’s largest private equity funds and administers assets of EUR19.4 billion.
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 Dufa Deutek, private healthcare service provider Regina Maria and tile maker Ceramica Iasi. (EUR1=RON4.3814)