Ascendis Health acquires two companies in Europe
Ascendis Health announced two acquisitions in Europe on Tuesday. The group is buying Cyprus-based pharmaceutical company Remedica for up to 335-million euros and sports nutrition company Scitec for €170m.
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Ascendis expanded into Europe in August by acquiring 49% of Spanish pharmaceutical group Farmalider for R210m with an option to acquire the remaining 51%.
Generic pharmaceuticals manufacturer Remedica has been operating for over 50 years and supplies more than 300 products from over 200 active pharmaceutical ingredients to about 100 countries, Ascendis said in its statement.
Ascendis has agreed to pay an initial €170m with a further €90m over three years. It will pay an additional amount up to €75m based on Remedica's earnings over three years.
"Scitec is a global player and sells its products in nearly 90 countries worldwide. It ranks amongst the leading sports nutrition brands across Europe with a key presence in major markets," Ascendis said.
The JSE-listed group agreed to pay an initial €150m with €20m deferred for on year to Scitec's seller Polish Enterprise Fund VII.
Source: BDpro
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