Investment bank Rotschild has completed the assessment study for Terapia Cluj-Napoca, one of Romania's largest drugmakers that was put up for sale this spring by the shareholders, according to sources close to the deal.
The assessment was sent to the companies interested in taking over the drugmaker, with the first bids expected over the next few weeks. According to the quoted sources, five companies have voiced interest in Terapia, including Servier (France) and Bayer (Germany).
The market capitalisation of Terapia is now worth 40.4 million dollars, but the sale price may go beyond 50 million dollars. The company's main shareholders are two foreign investment funds - Romanian Investment Company (RIC) and Romanian Investment Fund (RIF) and a Romanian trade company, Romferchim Bucharest. The drugmaker was slated for sale because the life span of both RIC and RIF will come to an end next year.
The sale procedures were launched this spring, when investment bank Rotschild was retained to assess the company and select the best purchase offer. The proceedings slowed down during the summer, but they have recently picked up the pace: bids are expected by yearend, with the deal to be closed in the first months of 2003.
Out of the five potential buyers, French group Servier seems to have the best shot at actually buying the company, as it has enforced a strong expansion strategy in Central and Eastern Europe over the past few years. The French hold production facilities in almost all the countries in the area and significant market shares in Poland, Hungary and Russia.
At some point, Servier was also keen on taking over Antibiotice Iasi, the last big state-owned drugmaker.
"We cannot comment on Terapia for now. The company is listed on the Stock Exchange, hence certain restrictions regarding the release of information," Servier officials told Ziarul Financiar.
Several months ago, the Hungarian press speculated the French would buy Terapia through Egis, one of the largest Magyar companies, owned by Servier.
Servier is a medium-sized company internationally, with two billion euros in turnover and operations in more than 140 countries.
German group Bayer is the latest addition to the list of companies interested in Terapia and would take over the Romanian company through its French division.
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