ZAGREB (Croatia), December 31 (SeeNews) – Croatian drug maker Pliva said on Monday it has sold for an undisclosed price its Spanish commercial operations to Spanish pharmaceutical company Biomedica Foscama Industria Chimico-Farmaceutica, completing the divestment of its non-core business.
"This divestment follows Pliva's previously announced intention to streamline European operations and to focus on specific key markets," the company said in a statement.
You can subscribe to our M&A newsletter here
Biomedica will acquire Pliva's three Spanish subsidiaries Pliva Pharma Iberia, Laboratorios Edigen and Uso Racional, as well as the right to use the trademark Pliva in Spain for a transitional period of up to 18 months.
Pliva is a subsidiary of U.S. pharmaceuticals producer Barr. Pliva’s shares did not trade on the Zagreb bourse on Monday. They closed at 850 kuna ($171/116 euro) on Friday, up 1.8%.
In October, Pliva sold its non-core veterinary subsidiary Veterina through an initial public offering. It also sold this autumn its Italian non-core business to Italian sector company Biomedica.
(1 euro=7.3312 Croatian kuna)