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Bulgaria's Sopharma agrees to buy Serbia's Pharmanova.

Bulgaria's Sopharma agrees to buy Serbia's Pharmanova.

Bulgaria's Sopharma agrees to buy Serbia's Pharmanova.

Bulgarian pharmaceutical manufacturer Sopharma has announced that it has signed a contract to acquire Serbian company Pharmanova within two years. Under the deal, Sopharma will first acquire a 25% stake in Pharmanova, followed by another 50% a year later, and the remaining 25% will be bought within two years. The value of the deal was not disclosed, but it must be approved by the Serbian antitrust authority.

Pharmanova

Pharmanova, founded in 1991, is a manufacturer of generic and over-the-counter medicines, nutritional supplements, ointments and medical devices. It serves the markets of Serbia, Bosnia and Herzegovina, Montenegro and Northern Macedonia.

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Pharmanova generated net revenues of more than EUR 10.2 million in 2022.

The deal between Sopharma and''Pharmanova

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The deal between Sopharma and Pharmanova was the result of extensive due diligence and negotiations between the parties. Sopharma's net profit fell to 72.6 million leva ($41.7 million/37.1 million euros) in 2022 due to amortization expenses. The company holds about 2.5% of the Bulgarian pharmaceutical market by value. In the first five months of 2023, Sopharma's revenue grew 15% year-on-year due to higher exports.

Shares of Sopharma closed 0.38% lower at 5.24 leva on the Bulgarian Stock Exchange on Friday.

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