Valeant Pharmaceuticals International is expected to pay almost 1 billion litas (275 million euros) for an 87.2 percent stake in Lithuania’s largest pharmaceutical manufacturer Sanitas.
It is one of the largest business deals to go down in the Baltic countries in recent years.
"I think the deal is very positive. It is very good that it is taking place altogether. Such a big deal, which follows stagnation on the market, will attract attention to the region, in particular considering the entry of such a solid listed market player,” Zygintas Macenas, CEO of SEB Enskilda Lietuva, told Baltic News Service agency.
According to Sunil Nair, the head of Citigroup Venture Capital International for Europe, Middle East, Africa and India, the acquisition by Valeant is a great evaluation of Sanitas’ achievements.
"We are convinced that Sanitas will go from strength to strength under the stewardship of its new owners,” he said in a statement.
The deal should be closed in the third quarter of this year by Sept. 30 at the latest.
Valeant Pharmaceuticals International is a multinational pharmaceutical company that produces prescription and nonprescription medicines.
Sanitas operates all over Eastern Europe.
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