Remedia shelves Dornafarm bid

Romanian drug wholesaler Farmaceutica Remedia, held by Valentin Tarus, said it had put off for next year the acquisition talks with regional Suceava-based drug company Dornafarm.

“We wish to continue the collaboration with Dornafarm, as well as the merger talks, but it wouldn’t be possible sooner than next year, when figures for 2009 of both companies will be released”, said Valentin Tarus, majority shareholder of Remedia.

Farmaceutica Remedia said it expected total sales of 150 million lei (around 35.2 million euros), down by approximately 4% from 2008 (36.6 million euros). In Jan-Sep 2008, the company recorded sales of 92.7 million lei (21.8 million euros), namely 97.5% of total sales expected for the period.

In terms of profit, Cosmin Podelean, sales director of Remedia said the company projected 900,000 lei (211,700 euros) for this year, “on reassessment of fx-debt load at a better exchange rate than previous analysis”.

In the first eight months of 2008, Remedia recorded sales of 78.1 million lei (21.2 million euros), and 43,000-euro loss.

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