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Romania's MedLife boosts stakes in Stem Cells Bank, Genesys Medical Clinic

Romania's MedLife boosts stakes in Stem Cells Bank, Genesys Medical Clinic MedLife Author (medlife) License: All rights reserved

BUCHAREST (Romania), June 16 (SeeNews) - Romanian privately-owned medical services provider MedLife [BSE: M] said on Friday it has acquired a new stake of 40% Stem Cells Bank, as well as a further 3% of Genesys Medical Clinic.

“In 2015, we announced the entrance into a new business segment with the beginning of the acquisition process of the majority stake in Stem Cells Bank, and the decision to buy another stake of 40% is a natural step in the development of our business," MedLife president and CEO Mihai Marcu said in a statement.

"With the integration of this service we were able to provide complete solutions for mother and child in our own regime, currently having over 24,000 births in total in our three maternity hospitals," Marcu added.

Stem Cells Bank was inaugurated in 2010 in Timișoara, western Romania, and is the stem cells bank that possesses the most modern processing system in Romania, MedLife said.

MedLife also took over another 3% of the Genesys Medical Clinic group in Arad, one of the largest private healthcare operators in the western Romania. Now, Medlife owns a stake of 58% in the company.

MedLife Genesys Arad includes a large hospital, a maternity hospital, an outpatient department and a laboratory.

MedLife has completed 15 acquisitions since 2010. So far this year, it has acquired local healthcare services providers Anima and Almina for undisclosed sums.

In December, MedLife raised 230 million lei ($53.3 million/50.8 million euro) through a fully subscribed initial public offering (IPO) of a 44% stake.

Its shares were tradied 1.67% up at 36.6 lei on the BVB as at 1523 CET on Friday.

(1 euro=4.5812 lei)

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