June 6 (SeeNews) - South African over-the-counter (OTC) healthcare products manufacturer Ascendis Health Limited said it has completed the acquisition of Romanian alternative medicine products distributor Sun Wave Pharma.
Ascendis Health Limited concluded the acquisition for a total consideration of 16.35 million euro ($18.4 million) on June 2, the South African company said in a filing with the Johannesburg Stock Exchange last week.
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In March, Ascendis said it had entered into an agreement for the purchase of Sun Wave Pharma, given its double-digit compound annual growth rate (CAGR) since 2013.
In addition, Romania is seen to be one of the top investment destinations in the CEE region, presenting a fast-growing GDP, a population size of approximately 20 million people, stable currency and declining unemployment rate, Ascendis said back then.
Sun Wave Pharma was founded in 2008 in Romania by Yogish Agarwal, former country head of the Romanian unit of Indian drug maker Ranbaxy. It is organised in nine business units and has 318 employees.
Ascendis Health is a market leader in health and care products, owning some of the most recognised brands in South Africa. Its portfolio of products is spread across diverse revenue streams and markets in three divisions: Ascendis Consumer Brands, Ascendis Pharma-Med and Ascendis Phyto-Vet.