Terapia takeover complete

Advent Central&Eastern Europe II investment fund, managed by US company Advent International, acquired about 90.7% of Romanian drugmaker Terapia Cluj during the public takeover bid run on the Bucharest Exchange, according to sources close to the transaction. Thus, Terapia’s takeover deal amounts to 40 million dollars at this point, the most valuable transaction completed on the Romanian market this year. The offer was placed by Raiffeisen Capital Investment brokerage. The changes in Terapia’s shareholding structure will also have a major influence on the Romanian drug market, where the company is the fifth-largest player, with a market share of 3.8%. Advent already holds stakes in other pharmaceutical companies outside Romania, drugs being one of Americans’ favourite investment domains. Advent had been trying for some years to enter the Romanian drug market, having previously approached Sindan Bucharest and Europharm Brasov. Terapia has also been the takeover target of Pharmaco and of AIG New Europe Fund-Global Finance. ZF