Global buyout group Advent International has completed the acquisition of Romanian pharmaceutical company LaborMed Pharma from its founders. Bucharest-based LaborMed manufactures and distributes generic pharmaceuticals, primarily for cardiovascular and central nervous system ailments and recently launched a portfolio of drugs for diabetes. The company also operates its own distribution arm supplying in excess of 80% of Romania’s pharmacies and wholesalers.
Advent previously owned Terapia, another Romanian drug company now part of Ranbaxy. Over the course of its involvement with Terapia, Advent helped it grow from a local generics producer to a regional player and hopes to capitalise on this experience to grow LaborMed.
LaborMed was founded in 1991 and has anticipated turnover to year end 2007, of €29m. It employs approximately 500 people.