"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.

The deal between Sopharma and''Pharmanova

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.