August 22 (SeeNews) - Serbian drug maker Hemofarm, part of Germany's Stada Group, said on Monday it has bought peer Ivancic i Sinovi (Ivancic&Sons) for an undisclosed sum.
"Hemofarm took over the products, the manufacturing plant in Stari Banovci, employees and intellectual property of the company ‘Ivancic’," Hemofarm said in a statement.
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Ivancic i Sinovi was founded in 1991 as a pharmacy and since then it has grown into a manufacturer of probiotics, food supplements, licensed and proprietary drugs. Its manufacturing facilities are located in the village of Stari Banovci, in northern Serbia. The company’s products, apart from Serbia, are marketed in Kazakhstan, Bosnia, Montenegro, Macedonia and Ukraine.
It has more than 100 employees at its plant and runs also four pharmacies in Serbia, according to data published on its website.
Founded in 1960 and privatised by Stada in 2006, Hemofarm now employs 2,600 workers and is Serbia's largest exporter of medicines, selling 76% of its production on foreign markets. For the first half of 2016, it ranked as Serbia's 12th biggest exporter with exports of 73.2 million euro ($82.7 million).
$=0.8852 euro