French pharmaceutical group Sanofi bought 48.21 million shares representing an 11.56% stake in Romanian drug manufacturer Zentiva Bucharest through a public offer carried out on the Bucharest Stock Exchange between February 20 and April 5.

The group paid RON 3.5 per share, namely RON 168.7 million (EUR 36.3 million) for the new stake.

Sanofi, which controlled 81.68% of Zentiva before this transaction, thus increased its holding to 93.25% of the company. However, it is still short of the 95% threshold required to start the procedure of delisting the company from the Bucharest Stock Exchange.

Zentiva Bucharest is one of the biggest drug producers in Romania. In 2017, the company had a turnover of over EUR 100 million and a net profit of EUR 18.9 million. It has a market capitalization of EUR 292 million.

editor@romania-insider.com