Remedica, a leading generics pharmaceutical manufacturer of Cyprus, announced the signing of an agreement for the acquisition of 100% of its shares by Ascendis Health, an international company listed on the Johannesburg stock exchange of South Africa.
In the deal worth €260 mln, Remedica will integrate the Ascendis Pharma-Med division and will become an integral part of a stronger, international pharma player. With its diversified portfolio of products, markets and customers, strong pipeline of new products and synergies with the Ascendis business in South Africa and Spain, Remedica is well positioned to deliver strong growth in the future based on this platform.
“We believe that in a fast-changing environment for the global generics industry, this development will greatly assist to secure the future of Remedica as a manufacturer of high quality branded generic medicines and will provide funding to embark onto its new phase of development. Remedica will also play a central role in the global Ascendis pharmaceutical development strategy,” said Remedica’s CEO, Charalambos Pattichis.
He will remain at the helm of the company along with the existing executives, with full operational control.
“Our goal was, is and remains the sustainable development of Remedica and for that reason I can assure you that under the new umbrella we will not only continue the outstanding progress of the company, but we will thrive and achieve even more impressive results”, Pattichis added.
Applauding the deal, Finance Minister Harris Georgiades said the acquisition of Remedica by Ascendis Health is a strong and clear vote in favour of the local economy.
This is one of the largest acquisitions of a Cypriot company ever made, the Minister said after a signing ceremony to clinch the agreement held in Limassol.
He noted that such moves confirm that Cyprus has the potential to attract such significant foreign investments.
“It is with such moves that we will ensure the prospects of development for our economy, looking outwards, through maintaining and enhancing a favourable environment for entrepreneurship and investments which is something that will in turn create jobs and opportunities, to help take the country forward,” he added.
The Minister also said that he assured foreign investors that the state and the government will continue the effort to create a stable, secure and favorable economic environment for investment and business.
CEO Pattichis assured employees that they have nothing to fear from this development and referred to the prospects of creating new jobs as the turnover of the company, which will maintain its name, is expected to expand.
