Adamed completes Polfa Pabianice takeover

2010-02-10

Adamed, the Polish drug manufacturer, on 4 February formalised the acquisition of 85% of shares in Polfa Pabianice (PP) from state-owned Polski Holding Farmaceutyczny (PHF). The value of the transaction was not disclosed. It is to be unveiled at the end of March.
Artur Wozniak, PHF CEO, said that that the choice of Adamed would guarantee long-term development for PP. The new owner planned to invest “tens of millions of zlotys” in PP, he said, and expressed a hope that PP – which currently focuses on generic medicines – would now be involved in the development and production of innovative medicines as well.
Maciej Adamkiewicz, Adamed CEO, said that the acquisition will enable the company to grow its market share and will generate substantial synergies in research and development, creating an infrastructure needed to develop innovative medicines. (Adamed is currently working e.g. on a type 2 diabetes drug and cancer medicines).
The combined group will employ nearly 1,500 workers and approx. 200 researchers. PP itself employs 800 people at the moment, after substantial restructuring. In the words of Wozniak, as a result of its takeover by Adamed its headcount could reach 1,000 within a few years.
Adamed, a Polish drug manufacturer founded in 1986, trumped rival offers from Italy’s Recordati and two fellow domestic pharma firms: Polpharma and Polfarmex.
Adamed is also in the race to acquire Polfa Warszawa (and so is Polpharma; see the news item ‘Three bidders reach final stage of Polfa Warszawa auction‘).