Pharmaceutical company Terapia Cluj-Napoca hopes to raise as much as 10 million euros from the sale of some land not used in their productive activities, more than 10 hectares in total. The resulting funds are to be used for the payment of certain debts.
"We have carried out major clean-up operations on the land owned by the company in Cluj, having a total area of 170,000 square metres. We will forfeit the assets that are no longer necessary for our core business, namely drug production. The funds to be raised will be used for the payment of some credits previously contracted by the company," maintained Stephen Stead, general manager with Terapia.
The company''s management will submit the sale of land for approval by the General Meeting of Shareholders, to be convened at the start of the next week.
In terms of the area and value, the most important asset Terapia plans to sell is a plot of land of some 95,000 square metres, located on the industrial platform of the company.
"The price of land in the area ranges between 80 and 100 euros per square metres," in line with estimations, noted the company''s manager.
Terapia will try to sell another field with an area of 4,400 square metres, located close to the centre of the Cluj-Napoca municipality, as well as a 2,600 sqm plot of land and associated industrial space, again not used in productive activities.
In the first nine months of this year, the company logged sales totalling 55 million dollars (47m euros), about 35% higher than the same period last year.
"Sales rose primarily owing to the expansion of the range of traded drugs, mainly in the over-the-counter drug segment, but also due to the development of the marketing department. As a matter of fact, this is one of the main development directions the company will pursue over the coming period," Stead also said.
The drug maker''s plans include the launch of 6-7 new products early next year. Recently, Terapia acquired two smaller-sized pharmaceutical companies, Pharmaplant and Promedic, both from Bucharest, in a deal whose value has not been disclosed. The shareholders of the two companies were Romanian natural persons.
Early this month, Zentiva, which has recently finalised its takeover of the drug producer Sicomed Bucharest, announced it would put up for sale a 35 hectare plot of land, valued at more than 20 million euros.
The Czech firm''s motivation is similar, namely their orientation toward the core activities of the company, drug production.
The sale of unused land has proved to be a significant source of funds for the financing of companies operating in the industrial sector. alexandru.cerchez@zf.ro
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