Romanian insolvency specialist, railway tycoon buy stake in drug producer

Remus Borza, who now holds an MP office but is more known as the owner of Euro Insol, the former judicial administrator of state-owned power producer Hidroelectrica, together with other well-known local investors became shareholders in the drug factory Polisano Pharmaceuticals, reports Profit.ro. The factory is part of the Polisano group, developed by the Romanian investor Ilie Vonica, who committed suicide in 2014. Remus Borza took over as president of the Polisano group in 2014 to help it restructure after the founder’s death. However, the group’s companies have had big problems in recent years. Drug distributor Polisano, the group’s biggest company, went into insolvency in 2016 and the group sold its drug store network to competitor Sensiblu. Polisano Pharmaceuticals also needed new capital and Borza and his partners brought RON 26.8 million (EUR 6 million) into the company for a 31% stake. Besides Remus Borza, the new shareholders include Gruia Stoica, the owner of private railway freight operator Grup Feroviar Roman (GFR), and the local family Nicoleta and Adrian Munteanu, Borza’s partners in Euro Insol. Remus Borza owns a stake of 6.97% in the drug factory. Gruia Stoica has a stake of 15.5% through the company Grampet. The majority stake remains under the control of Andreea Loredana Gligor-Vonica, Ilie Vonica’s daughter. The drug factory Polisano Pharmaceuticals required a EUR 70 million investment and was completed in 2015. Besides the factory, the group also owns a private clinic network and a hospital in Sibiu. editor@romania-insider.com