Swedish firm snaps up German pharma company
The Local · 9 Aug 2005, 13:23
Published: 09 Aug 2005 13:23 GMT+02:00
Meda, based in Stockholm, is itself a specialist pharma company employing 170 people, which markets its products in 25 countries worldwide. The purchase means that Meda can add Viatris’ asthma remedies – particularly the successful Novolizer brand – to its product portfolio.
Meda is financing the takeover largely through a share issue. The company is to buy all the shares in Viatris for €583 million. It also takes on the company’s debts of €167 million.
The German company, which has a staff of over 1,500, has a strong record in pain and inflammation drugs, which is also one of Meda’s main specialties.
Viatris is being sold by private equity company Advent International.
Meda claims that the purchase will enable it to take advantage of Viatris’ marketing companies in the large European markets. The company had previously declared that it intended to set up marketing companies elsewhere in Europe. Buying Viatris will enable the company to realise this aim, it said in a press release.
The Swedish company also gains Viatris’ production facilities – until now, all Meda’s production has been outsourced.
Anders Lönner, managing director of Meda, said the combined company would be “one of the leading European speciality pharma companies.”
Lönner added that the merger was “a long-term and sensible industrial solution, which benefits both sharholders and employees.”