Romania Drug Maker To Get USD 25 Million Loan

Romanian drug maker Terapia said it would get a USD 25 million loan from a consortium comprising Bank Austria Creditanstalt AG and HVB Bank Romania for financing its working capital. The five-year loan has bee contracted “under advantageous conditions” said Terapia officials who declined to elaborate further. Earlier this year, Terapia has launched an ambitious programme worth USD 10 million for environment protection and finalized a USD 4 million investment to upgrade its injectable drugs production line to reach GMP standards. Terapia has forecasted a 2004 turnover of USD 43 million and a profit rate of 15%. U.S.-based fund Advent International controls 95% stake in Terapia.