ZAGREB (Croatia), September 21 (SeeNews) – Croatian pharmaceuticals company Pliva, part of Israeli-based Teva Group, said on Monday it will sell the diagnostics business of its Czech unit Pliva-Lachema and will discontinue all manufacturing activities at its Brno site by the end of 2009.
“As previously announced, in order to improve overall efficiency and profitability of Pliva’s operations and focus on its core business, a decision was taken earlier this year to restructure the business operations of Pliva-Lachema and also to consider alternative options for the Brno site, including divestment or closure of the facility,“ the Croatian company said in a statement to the Zagreb Stock Exchange (ZSE).
“A thorough process of seeking an optimal solution resulted in finding a strategic buyer for the diagnostic business, while remaining manufacturing activities will be closed down as of the end of the current year,” the statement added.
No further details were immediately available.
The move is part of the integration with Teva following the 2008 acquisition by the Israeli group of Pliva's owner, U.S.-based Barr Pharmaceuticals.
At the end of last year, Pliva (www.pliva.com) operated wholly-owned subsidiaries in 16 countries worldwide, data form the company's 2008 consolidated financial statement indicated.
Pliva's first-half consolidated loss widened to 719.8 million kuna ($144.7 million/98.7 million euro) from 103.8 million kuna a year earlier.
Pliva shares were last traded on the ZSE on September 18, closing unchanged at 476 kuna ($96/65).
(1 euro=7.2907 Croatian kuna)