Slovenia's largest drug maker Krka announced on September 21 that it is going to increase its presence in China by establishing a joint venture.
The acquisition will serve Krka as a development base and as an entry point to the Chinese market.
The name of the Chinese company was not revealed but it is said to have annual sales of less than €10mn. This acquisition will grant Krka rights to registration, subsequent production and sales of its products on the Chinese market which will have a high sales potential from 2020 onwards.
In a short note posted on the website of the Ljubljana Stock Exchange on September 21, Krka said that it will have a majority stake within a Chinese joint venture. Krka didn’t reveal any additional data.
Previously, the company said on July 6 that it was in talks to acquire a small Chinese pharmaceutical company for an undisclosed sum.
Krka Group reported 31% higher profit y/y for the first half of 2017 of €191.7mn.
The group’s estimated operating profit (Ebit) of €122.4mn was up 30% compared to the same period last year, with the estimated operating profit before depreciation and amortisation (Ebitda) totalling €176.9mn and up 20%.
The Krka Group sold €548.2mn worth of prescription pharmaceuticals, an increase of 10% compared to the same period last year.
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