South African over-the-counter (OTC) healthcare products manufacturer Ascendis Health has bought the food supplements distributor Sun Wave Pharma for EUR 16 million cash, according to Seenews.com.

Sun Wave Pharma was established in Romania in 2008 by Yogish Agarwal, a former country manager of pharmaceuticals company Ranbaxy.

Ascendis Health had previously declared Romania a target for acquisitions as it is a top investment destination in the region. The takeover of Sun Wave Pharma was conditioned by the purchase of NHP Pharma in Cyprus for a sum in between EUR 26 – EUR 49 million, depending on the company’s financial results in the coming three years.

Sun Wave Parma had a turnover of RON 116 million (EUR 25.7 million) in 2016, up 36% on 2015. It reported a profit of RON 6.4 million (EUR 1.4 million), according to data from the Finance Ministry. It employs 343 people.

editor@romania-insider.com