Management raises expectations for 2011
Waregem (Belgium) / Rotterdam (the Netherlands)[1], 11 July 2011 (7.30 a.m.) – Arseus announces today that it has signed an agreement in principle for the acquisition of the Brazilian Pharma Nostra, a leading supplier of raw materials for pharmaceutical compounding to pharmacies in Brazil. Pharma Nostra is the market leader in Brazil with a turnover of approximately € 45 million in 2010. Pharma Nostra’s EBITDA margin is approximately 15%.
The acquisition sum for Pharma Nostra is approximately € 51 million. On completion of the transaction approximately 60% of the acquisition sum needs to be paid. This payment consists of a cash payment of € 28 million and € 4 million from treasury shares. The number of Arseus’ treasury shares will therefore decrease to below the notification threshold of 3%. Payment of the remaining € 19 million will be spread over a period of three to five years.
Ger van Jeveren, CEO of Arseus: “We are delighted that in addition to the Brazilian company DEG, we can now welcome Pharma Nostra to the Fagron Group. Both acquisitions play an essential role in Fagron’s strategy to further expand its global market leadership in the rapidly growing niche market of pharmaceutical compounding. The acquisition of Pharma Nostra enables us to gain clear advantages, not only with regard to purchasing, analysis and production, but also with respect to product assortment and sales and marketing. Due to the excellent track record and the quality of the organisation of both Pharma Nostra and Fagron, we expect an equally rapid and smooth integration as with DEG.”
Antonio Bolognani, CEO of Pharma Nostra: “I am looking forward to combining forces with the Fagron Group. Fagron’s network in Europe, the United States, Brazil, and from 1 September also in Argentina, offers great potential to roll out successful products internationally. Our clients will benefit from an excellent range of products and services and our employees will enjoy opportunities for further development in an international environment. I also look forward to making a real contribution to the further growth of both Pharma Nostra and the Fagron Group after the acquisition too.”
[1] This press release was sent out by Arseus NV and Arseus BV.
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