The German drug distributor Andrea-Noris Zahn (ANZAG) announced its entrance on the Romanian market on Wednesday, after acquiring Farmexpert, which recorded business worth 90 million euros last year. The Germans are to take over a 60% stake in Farmexpert DCI Bucharest, which is a top-ten player on the pharmaceutical distribution market; the value of the transaction has not been revealed. Some advisers specialised in mergers & acquisitions state that applying a multiple of 0.8 to 1 to its turnover sets the market value of a drug distribution company. In that case, the 60% stake would be worth over 40 million euros. This is the first transaction on the drug distribution market and it comes shortly after the two big producers, Sindan and Terapia, were sold for record-high sums. Farmexpert owns 9% of the market, competing with rivals such as, Mediplus, Relad, Farmexim, Europharm Distributie, Fildas Trading and PharmaFarm. ZF
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