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Nov 14, 2007 16:46 EEST
November 14 (SeeNews) - Bulgarian blue-chip drug maker Sopharma has bought more than 74% of Ukrainian pharmaceutical producer Vitamini for an undisclosed price, Sopharma managing director said on Wednesday.
“We bought more than 74% […] because it was for sale and we have not stopped looking [for potential targets of acquisition],” Ognian Donev told SeeNews. He declined to disclose the value of the deal.
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Donev has repeatedly said Sopharma aims to strengthen its position as a regional player through both organic growth and acquisitions. Ukraine is one of Sopharma’s main foreign markets alongside Russia, Poland, the Baltic states and Kazakhstan
Donev said the Ukrainian company’s production, which was worth $5.3 million last year, was expected to double in 2008 as a result of equipment upgrades. He added it was too early to say how much Sopharma would invest in Vitamini.
Vitamini’s portfolio includes 64 products.
Sopharma’s unconsolidated net profit for the first nine months of 2007 rose 37.4% on the year to 25.98 million levs ($19.5 million/13.3 million euro).
Company stocks closed at 9.0 levs, up 3.4% in a volume of nearly 102,520 shares on the Bulgarian Stock Exchange on Wednesday.
(1 euro = 1.95583 Bulgarian levs)
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