Advent to pay $43.7m for Terapia

American investment fund Advent International on Friday published the preliminary announcement of the tender offer for all the shares of the Romanian drugmaker Terapia Cluj-Napoca. The offer is worth $43.7 million, i.e. 4,681 ROL/share. The broker of this offer is Raiffeisen Capital & Investment securities firm. Advent will buy Terapia through an investment vehicle, Terapia Holding SA. The most significant Terapia shareholders at the moment are investment funds Romanian Investment Fund (17%), Romanian Investment Company (20%), Broadhurst (7.82%), Labrador Partners (5.26%), and trade companies Romfarmachim (10.69%) and Romital (6.52%). The preliminary announcement specifies Advent is planning to further develop Terapia after the takeover, as it will “pursue an expansion of the business and higher profitability by improving the competitiveness both in terms of output and sales.” ZF