Romanian pharmaceutical distribution group seeks to sell its drug store chain

Romanian pharmaceutical distribution and retail group Farmaceutica Remedia Deva, listed on the Bucharest Stock Exchange (BVB), seeks to sell its whole 90-unit network of pharmacies, or at least a significant part of it, for at least EUR 5 million.

The decision announced in October by the management was endorsed by shareholders.

Present on the market since 1991, Remedia operates 90 retail units, which bring about 20% of the company's business. The pharmacy chain is present in 14 counties, with most units located in Hunedoara, Alba and Bucharest, where it has 18 units. The company also launched an online shop in 2012.

Farmaceutica Remedia Deva recorded sales of RON 324 million (EUR 68 mln) in the first nine months of 2019, to which the Remedia pharmacies contributed by over RON 75 million (EUR 15.7 mln), according to the company’s quarterly report.

Romanian investor Valentin Norbert Tarus owns 65% of the company’s shares. Remedia has a market capitalization of RON 41 mln (EUR 8.5 mln).

The drug retail market has seen several big transactions in recent years, which marked the entry of international players on the local market.

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