SmithKline Beecham Expands into Romania

SmithKline Beecham recently announced that it has acquired 65 percent of the Romanian-based Europharm group of companies for $29.25 million in cash. There are also put and call options to acquire the remaining shares in the future, subject to certain conditions.

Commenting on the transaction, Andrew Curl, Director and Vice President, Strategic Operations, Pharmaceuticals Europe, at SB said: ``The acquisition of Europharm considerably enhances our position in the Romanian market and reflects our continued strategy to be a major force in the central and eastern European region."

SB already has an existing pharmaceutical business in Romania, which has been built on the success of promoting Augmentin and Engerix-B, among other products.

Europharm, the largest privately-owned pharmaceutical producer in Romania, was started in 1992. Its main activities include the manufacture and distribution of pharmaceuticals, over-the-counter medicines and cosmetic products.

SmithKline Beecham discovers, develops, manufactures and markets pharmaceuticals, vaccines, over- the-counter medicines and health-related consumer products, and provides healthcare services including clinical laboratory testing, disease management and pharmaceutical benefit management.