July 26 (SeeNews) - Romanian privately-owned medical services group MedLife [BSE:M] said that it has completed the acquisition of a 75% stake in Bucharest-based drugs distributor Pharmachem Distributie.
The transaction will help MedLife group strengthen its presence in the pharma segment, MedLife said in a filing with the Bucharest Stock Exchange, BVB, on Friday.
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The group aims to develop the online pharmacy segment and to optimise the procurement system at group level for its own network of pharmacies and hospitals, it added.
The value of the deal was not disclosed.
The management of Pharmachem will remain entirely in the hands of the current owners, who have the necessary know-how to properly manage the business and accelerate its growth, MedLife said.
Pharmachem was established 16 years ago and has an extensive network of warehouses in Bucharest and across the country. In 2019, the distribution company booked a turnover of 83.4 million lei, up by 30% compared to the previous year.
Following the acquisition of Pharmachem Distribution, MedLife group reached a portfolio of 32 acquisitions.
MedLife's shares traded 0.89% higher at 17 lei ($4/3.4 euro) on the Bucharest Stock Exchange as at 0919 CET on Monday.
(1 euro=4.9219 lei)