Medivir AB (MVIRb.F) Streamlines Ops by Divesting Cross Pharma, Its Parallel Import Biz
6/25/2013 10:15:54 AM
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Stockholm — Medivir AB (OMX: MVIR) today announced that the company has signed
an agreement to sell its wholly owned subsidiary, Cross Pharma AB, to Unimedic
AB, a subsidiary of the Swedish listed company MedCap AB. The intention is to
close the deal by June 30, 2013. The consideration is 125 MSEK on a cash and
debt free basis.
A strong focus on quality, reliable deliveries and a rapid response to market
changes have made Cross Pharma one of the leading players in the Swedish
parallel import market. The company imports original brand pharmaceuticals from
a number of EU countries and sells them to pharmacies in Sweden. The company was
the first to do parallel trade in Sweden and since then Cross Pharma has built
strong long-term relationships with a network of suppliers.
"Over the last few years Medivir’s investment in the company has contributed to
Cross Pharma’s current strong commercial position in Sweden. However, Cross
Pharma’s business differs significantly from Medivir’s other commercial
activities, which are focused on sales and marketing of the company’s own
prescription pharmaceuticals. Following the sale of Cross Pharma, Medivir will
be a research-based pharmaceutical company with proprietary prescription
products on the Nordic market. The sale of Cross Pharma further strengthens
Medivir’s financial position", says Maris Hartmanis, CEO of Medivir.
Ernst & Young Corporate Finance acted as financial advisors, and Nord & Co acted
as legal advisors in the transaction.
For more information, please contact:
Maris Hartmanis, CEO Medivir AB, phone: +46 (0)8 407 64 30
Rein Piir, EVP Corporate Affairs & IR, phone: +46 (0)708 537 292
Medivir is an emerging research-based pharmaceutical company focused on
infectious diseases. Medivir has world class expertise in polymerase and
protease drug targets and drug development, which have resulted in a strong
infectious disease R&D portfolio. The Company’s key pipeline asset is
simeprevir, a novel protease inhibitor in late phase III clinical development
for hepatitis C that is being developed in collaboration with Janssen R&D
Medivir also has a broad product portfolio of prescription pharmaceuticals,
which it markets in the Nordic region.
For more information about Medivir AB, please visit the Company’s website:
MedCap is a Nordic listed private equity player that invests in mature companies
in the life sciences sector with significant development potential. MedCap is
listed on First North Premier in Sweden.
For more information about MedCap AB, please visit the company’s website:
Medivir is a collaborative and agile pharmaceutical company with an R&D focus on
infectious diseases and a leading position in hepatitis C. We are passionate and
uncompromising in our mission to develop and commercialize innovative
pharmaceuticals that improve people’s lives.
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