STADA increases share in Spain‘s Ciclum Farma
03/11/2002 . Press Release
STADA Arzneimittel AG increased its holding in the Spanish sales company Ciclum Farma S.A., Madrid, to 74% (from 50%) with retroactive effect from January 1, 2002. As part of the reorganization of Ciclum Farma’s ownership structure, Grünenthal GmbH, Aachen, has taken over the remaining 26% of shares. Grünenthal is already well established in the Spanish market with its own subsidiaries Grünenthal S.A. and Laboratorios Andrómaco S.A. and contributes valuable local expertise to Ciclum. STADA and Grünenthal acquired the shares from an institutional investor.
Ciclum Farma increased sales slightly to c. 1.6 million Euro in 2001.
The company, founded in 1999, sells a product package of branded generics in Spain that appear under proprietary names. Given the reorganization of the ownership structure and integration of the local partner, Ciclum Farma is now prepared to exploit its considerable market potential, if the government promotion of the generic market, under discussion for a long time, is to be implemented.
STADA Arzneimittel AG, listed in the MDAX, achieved record sales in 2001.
By September 30, 2001, sales had risen by +15% to 404 million Euro and EBITDA by +58% to 61.4 million Euro. For 2001 STADA expects group sales of significantly more than 500 million Euro after reaching group sales of 511.3 million Euro (= 1 billion DM) by the first days of December. The final results for 2001 will be published April 22, 2002.
For more information, please contact:
STADA Arzneimittel AG
D-61118 Bad Vilbel
Tel.: +49 6101 603-113
Fax: +49 6101 603-506