Sicomed takeover boosts Zentiva turnover

Czech pharmaceutical company Zentiva estimates turnover to be almost tenfold higher than last year, following the takeover of Bucharest-based Sicomed drug producer.

“Zentiva made 10.4 million euros from sales last year, except Sicomed”s results. We expect consolidated results of approximately 100 million euros group-wide for this year,” said Mariana Wencz, country manager of Zentiva Romania.

The value in 2005 represents over a threefold growth compared with the turnover in 2004, according to Wencz.

“We launched the Simvacard service on the Romanian market in February last year, which generated 5 million-euro sales, and introduced the Modafen drug on the Romanian market last August, which contributed 2 million euros to the company”s sales.

At the same time, the sales rose due to the activity of the teams promoting our products,” Wencz added.

Simvastatin is the market leader in its respective sector, the company estimates. Zentiva intends to introduce 12 new products on the market this year for four different therapeutic ranges.

Sicomed posted an approximate increase of 20% higher sales compared with 2004, 52.6 million euros, according to its preliminary results. In September last year, Zentiva completed the takeover of the majority shareholder of Sicomed, investment company Venoma Holdings Limited, for 102 million dollars (some 85 million euros).

Zentiva later put out a tender offer to buy the 204.39 million shares representing the remaining 49% in Sicomed. This operation enabled it to boost its interest in Sicomed to some 75%.

SIF Oltenia and SIF Muntenia, minority shareholders in Sicomed subscribed during the offer. Investment fund QVT Fund LP, which owns 12.9% in Sicomed and the other minority shareholders kept their stakes, according to the latest available information.