The transaction regarding the sale of the company A&D Pharma, which consists of the Sensiblu pharmacy chain and drug distributor Mediplus, was suspended due to the stipulations of the new pharmacy draft law, according to pharmaceutical market sources.
Three investors voiced their interest in taking over the Sensiblu pharmacy chain and drug distributor Mediplus, namely two strategic investors and a foreign investment fund, according to the same sources. They renounced a possible acquisition as soon as the first rumours regarding the draft law on pharmacies reached the market. The law in question limits the expansion opportunities for pharmacy chains, and makes the operation of pharmacies conditional upon the presence of a pharmacist with a stake of more than 50% in the shareholding structure.
One of the two strategic investors was the British drug distributor Phoenix, the second biggest drug distributor on the European market, operating on 18 European markets. Phoenix representatives were contacted by ZF but had not offered any comments by the time of going to press. A&D Pharma representatives similarly refrained from offering an opinion before edition close. Shareholders of the pharmaceutical group assessed the company at about 350 million euros, while bids received revolved around 200-250 million euros, according to the above-quoted sources.
A&D Pharma is controlled by the investment vehicle Sograno, registered in the Netherlands, which owns more than 99% of the company”s stock. Sograno entered the business three years ago, taking over the company from its former shareholders, two private Lebanese investors, a French and a British citizen. At present the four investors hold less than 1% of the company”s stock, according to Trade Registry data.
A&D Pharma”s advisors in the attempted sale were the investment units of ING and of Raiffeisen. The company”s shareholders are now considering floating on the Stock Exchange, with the investment banking unit of HVB acting as an advisor, according to certain sources.
Mediplus logged turnover worth 141 million euros in 2004, while Sensiblu registered sales worth about 50 million euros, both companies seeing an 80% surge from the previous year.
The draft law on pharmacies does not allow pharmacy networks to boost their territorial presence and demands that operators give up their brands and self-service sections. alexandru.cerchez@zf.ro