Acic Pharmaceuticals eyes Antibiotice Iasi

Canadian company Acic Pharmaceuticals is interested in the privatisation of Romanian drugmaker Antibiotice Iasi, market sources say.

The upcoming privatisation of the last large drugmaker still owned by the Romanian state has attracted the interest of 36 investors, according to the State Assets Resolution Agency (AVAS), the main shareholder in the company.

AVAS took over the stake in Antibiotice held by the Healthy Ministry in order to privatise the company. AVAS officials recently said that a single foreign investor had been interested in the company in 2005, but did not reveal the name of the company.

The Canadian company submitted a letter of intent in the privatisation of Antibiotice in August, the quoted sources say. Acic Pharmaceuticals has been working with Antibiotice for a long time and is specialised in the production of active substances and intermediary products used in the pharmaceuticals industry.

Contacted by Ziarul Financiar, Acic Pharmaceuticals officials declined to comment on plans to take over Antibiotice Iasi.

AVAS officials also said that Antibiotice would enter an accelerated privatisation process, but did not name the exact start date for the process. Accelerated privatisation means tighter deadlines for the investors planning to submit the documents needed to enter the privatisation race. “We are now at the stage where we are drafting the necessary documentation to start the privatisation process, which will most likely begin next February-March and will last some six months,” said Ioan Nani, general manager of Antibiotice.

Some months ago, Health minister Mircea Cinteza said that Antibiotice Iasi might be privatised in 2006.

Antibiotice posted a 40% higher turnover in the first half of the year, an increase from 15.4 million euros to almost 22 million euros for the first six months of the year. During the same period, the company logged net profits of 3.75 million euros, up almost 90%. Antibiotice Iasi is aiming for 45 million euros in sales this year.

Among Antibiotice Iasi”s significant shareholders are investment fund Broadhurst (7.68%) and SIF Oltenia (10%).

Acic Pharmaceuticals has a strong presence on the European Union market, where it has teamed up with drugmakers from the Czech Republic (Zentiva), Italy (Bioindustria and Cosma), Hungary (CF Pharma), Poland (Polpharma), France (Seratec) and Germany (Degussa). alexandru.cerchez@zf.ro