Medivir subsidiary BioPhausia sells generics business

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Medivir subsidiary BioPhausia sells generics business

Home/Pharma News | Posted 02/09/2011 0 Post your comment

Sweden-based Medivir announced on 25 August 2011 that its subsidiary BioPhausia had reached an agreement to sell its generics business (BMM Pharma) to Bluefish Pharmaceuticals (Bluefish) for SEK 26 million plus the value of inventories, some SEK 12 million. The staff of BMM Pharma will not be transferred in the acquisition.

CEO of BioPhausia Mr Maris Hartmanis commented that ‘this deal is a natural last step in the concentration and focus of BioPhausia’s business, which began about a year ago. We will now be focusing on the ongoing commercial development of our Proprietary Products and Parallel Imported Products’.

Bluefish announced that this acquisition was strategically important to its continued expansion and will allow it to enhance the value of its existing product portfolio by adding generic pharmaceuticals within the niche segment. The portfolio acquired includes 19 pharmaceutical products, of which most are used in pain, inflammation and gastrointestinal therapy.

Following the acquisition, Bluefish, which was founded in 2005, now has 68 products in its portfolio, of which 41 have already been launched, bringing it closer to its goal of 100 products. The extra products are expected to increase net sales for Bluefish by around SEK 30 million on an annual basis.

CEO and founder of Bluefish Mr Karl Karlsson added that ‘Bluefish is the fastest growing generic pharmaceutical company in the Nordic region. Our scale, together with our broad presence throughout the rest of Europe, offers new pan-European business opportunities’.

Source: Bluefish, Medivir