New shareholders take over at Biofarm

The new shareholders of the fifth leading Romanian drug manufacturer, Biofarm Bucharest, elected a new board of directors on Thursday. The last two months witnessed major changes in the shareholder structure of the company. The company posted the highest sales in its entire history in October, with the Biofarm representatives expecting to exceed the targets in this year”s spending and revenue budget. Dumitru Tudor, the largest individual shareholder of Biofarm, Adrian Ceuca, the representative of SSIF Broker (Cluj), Ristea Priboi, the SIF Oltenia representative, Ioan Andrei (SIF Moldova) and the company”s general manager, Dan Vasile, were elected members of the company”s board by cumulative voting. Dan Vasile was also elected chairman of the board, and will this way get to keep his general manager position. Biofarm was taken over by the investors on the capital market this year, after Robert Ferran, the former majority shareholder sold the controlling interests. Biofarm posted the highest sales in its entire history in October, 5.7 million RON (1.6 million euros). Its total turnover ten months into the year amounted to 41.6 million RON (11.5 million euros), an increase of nearly 40% on the same time last year. ZF