Zentiva Set To Acquire Romania's Solacium
Executive Summary
Zentiva has signed its first acquisition after it was carved out from Sanofi last year to become an independent company, entering into a shared purchase agreement with Siyiara to acquire Romania-based food supplement and OTC medicines producer Solacium.
Zentiva BV and Siyiara Enterprises have signed a shared purchase agreement to acquire Romania’s Solacium, together with its subsidiary Be Well Pharma. Food supplement and OTC medicines producer Solacium – which is currently part of the Dr. Max Group and owned by Siyiara along with Solacium’s general manager Alexandru-Tony Trasca – says it specializes in developing partnerships with healthcare specialists that are “based on delivering innovative products”.
Nick Haggar, Zentiva’s recently-appointed CEO, said that the company was “delighted to confirm the signing of its first acquisition following the carve-out from Sanofi in the last quarter of 2018.” “Solacium complements our existing generic medicines business and grows our OTC capability and offering for patients and consumers in Romania,” he stated.
Prior to joining the Prague-based firm on 11 February, Haggar pledged to expand reach, increase productivity and accelerate growth. His appointment came just four months after Advent International completed its €1.9bn ($2.1bn) acquisition from Sanofi of the Zentiva European generics business.
International pharmacy chain Dr. Max acquired A&D Pharma in April 2018, in a move that enabled Dr. Max to “officially become a major pharmacy network on the Romanian market”. Trasca served as A&D’s business development manager for over six years, up until December 2014.
“After Dr. Max’s acquisition of A&D Pharma Group, we have decided to primarily focus on three main pillars of our Romanian business: pharma retail, wholesale, and marketing and sales,” commented Leonardo Ferrandino, president and CEO of Dr. Max.
“Although Solacium is a fast-growing food supplement and OTC medicines producer,” he continued, “we believe that under the management of a specialized and successful pharmaceutical company, such as Zentiva, it can fulfil its potential and significantly boost its business beyond current levels.”
The companies noted that the transaction remains subject to the approval of several conditions, including approval from the Romanian Competition Council.
This article first appeared in Generics Bulletin.