PharmaFarm to take out credit worth 15m euros

Drug distributor PharmaFarm, based in Cluj-Napoca, will contract a banking credit worth 15 million euros, for which company assets will be pledged as collateral, the company reveals. Originally, PharmaFarm had announced that it wanted to take out a 20 million-euro loan from banks and from the majority shareholder, but the company’s shareholders did not meet the necessary quorum at the general meeting held on January 31, during which the move was supposed to be discussed, but was instead rescheduled. The shareholders also decided to sell several buildings and to set up a secondary office in Cluj-Napoca, as well as to replace the Board of Directors. The majority shareholder of PharmaFarm is Hungarian pharmaceutical group Richter Gedeon, which, in October last year, acquired through its Armedica Trading division (the development strategies division in Romania) 95.78% of the distributor’s shares from German group Celesio for 45.15 million RON. Later, the company increased its stake to 96.2%, as a result of a public tender.