The move enables Zentiva to keep strengthening its foothold in CEE, while expanding into new markets, and to significantly increase its specialty and OTC (over-the-counter) medicines portfolio.
In February 2008, Advent acquired generic drug producer Labormed, for EUR123 million, from a group of Romanian physicians and pharmacists who had established the company in 1991, and in May 2007, it inaugurated a factory in capital Bucharest, through a greenfield investment of EUR13 million. U.S. pharmaceuticals group Alvogen announced that it had acquired Labormed in December 2012.
“This acquisition is a perfect fit for Zentiva and supports the execution of our strategy. Zentiva will strengthen its leadership in Central and Eastern Europe while expanding into new markets and significantly increase its specialty and OTC medicines portfolio”, stated Nick Haggar, CEO of Zentiva Group.
In 2012, Alvogen acquired Labormed, whose turnover reached RON144 million in 2018, according to data on the company’s website. Labormed Alvogen is the excellence center of Alvogen in CEE and represents the base of production, research-development, sales and marketing for the entire region.
In the first part of 2019, Zentiva integrated in Zentiva Group the teams Creo Pharma in the UK and Solacium Pharma in Romania, respectively. In September 2019, Zentiva also announced the acquisition of a production unit in Ankleshwar, India.