ZAGREB, June 11 (Hina) - A leading Croatian pharmaceutical company "Pliva" on Tuesday announced the conclusion of a final agreement with the Sobel company on the acquisition of the entire ownership over a pharmaceutical company
"Sidmak Laboratories" and its daughter-company "Odyssey Pharmaceuticals" at the price of 152.9 million US dollars and with the take-over of a loan worth USD59 million.
ZAGREB, June 11 (Hina) - A leading Croatian pharmaceutical company
"Pliva" on Tuesday announced the conclusion of a final agreement
with the Sobel company on the acquisition of the entire ownership
over a pharmaceutical company "Sidmak Laboratories" and its
daughter-company "Odyssey Pharmaceuticals" at the price of 152.9
million US dollars and with the take-over of a loan worth USD59
million. #L#
The Sidmak and Odyssey companies, based in East Hannover, New
Jersey, are drug companies that produce generic and so-called
speciality pharmaceuticals.
The acquisition has been financed by a new sort of a loan, ensured
from royalties for azitromicin. The loan, worth 165 million
dollars, will be repaid in three years with an interest rate of
LIBOR plus 50 basic points, said Zeljko Covic, the Pliva's Chief
Executive Officer.
The acquisition of Sidmak and Odyssey will bring many financial and
strategic benefits to the Croatian firm such as its transformation
into a global pharmaceutical company and its direct access to the
American market.
On the other hand, Sidmak products will enter Pliva's markets in the
European Union and in central and eastern Europe.
Covic expects that the US market will become the number one market
for Pliva in 2003 when it plans to register its ten products in it.
(hina) ms