Zentiva ready to pay EUR 23 mln for 6.7% residual stake in Romanian subsidiary

Czech pharmaceutical group Zentiva announced the launch of a public offer for the residual stake of 6.7% in Romanian drug producer Zentiva Bucharest (formerly Sicomed). Zentiva, which now owns 93.3% of the Romanian company, will pay almost RON 105 million (EUR 23 million) for the remaining shares and plans to delist the company from the Bucharest Stock Exchange. The offer evaluates the whole company at EUR 336 million. This is the second offer Zentiva carries out this year, after it launched a similar attempt in February-April for 18.32% of the company’s shares. Zentiva Romania reported sales of RON 222 million (EUR 47.7 mln) in the first six months (H1) of 2018, down 2.8% compared to the same period last year. At the same time, the operating profit stood at RON 42.8 million (EUR 9.2 mln), down from RON 52.52 million in H1 2017. The net profit of the company reached RON 35.9 million (EUR 7.7 mln) in H1 this year, 17.3% down over the same period last year. editor@romania-insider.com (photo source: Zentiva.ro)