December 9 (SeeNews) - Romanian state-controlled drug maker Antibiotice Iasi [BSE:ATB] said on Friday that it invested 20 million euro ($21 million) of own funds in a new plant for topical drugs in the eastern city of Iasi.
The new plant employs a hundred people and has four production lines, it said in a statement filed with the Bucharest Stock Exchange, BVB.
Some 56 products will be manufactured at the plant, resulting in a 50% increase in yearly output to 540 tonnes.
"This investment offers us greater access to international markets, which are characterised by a high degree of competitiveness and innovation. We aim to capitalise on these products both on the Romanian and international markets such as the U.S. and the countries of the European Community, but we are also oriented towards Vietnam and Southeast Asia, which represents a great opportunity for topical products," Antbiotice Iasi general manager Ioan Nani said.
"We are also looking to include new sterile topical products and dermato-cosmetics products into our portfolio. We thus aim to double the turnover for topical products by 2030, in order to maintain the growth trend of the company's total turnover, which we also aim to double by 2030."
Antibiotice Iasi is a state-owned pharmaceutical company that develops and produces 157 generic drugs for human use, veterinary drugs and Nystatin, an active ingredient. The company employs over 1,300 at its research centre and production facilities based in Iasi county.
Its net profit rose by an annual 61.7% to 29.5 million lei ($6.3 million/5.9 million euro) in the first nine months of 2022, while sales rose 38% on the year to 387.5 million lei.
Antibiotice is owned by the Romanian state through the health ministry with a 53% stake, retail investment fund SIF Oltenia with 26.9% and small shareholders.
The company's shares traded flat at 0.5380 lei as at 0941 CET on Friday on the Bucharest Stock Exchange.
(1 euro=4.9192 Romanian lei)