Merck KGaA Purchases Spanish Pharmaceutical Business Prasfarma
Merck KGaA announced that its Spanish subsidiary Merck Genericos SL has purchased the pharmaceutical business of Prasfarma from Almirall Prodesfarma SA, for EUR 20 million, including inventories and other working capital. "A key element of our strategy in Europe is to expand in fast growing Southern European markets like Spain," said Didier Barret, Head of Merck Generics in Europe.
The purchase includes related industrial assets of the Almirall Group and is expected to be completed before the end of this year. Prasfarma's total sales in 2004 amounted to EUR 13 million, including about EUR 2 million from contract manufacturing. Co-promotion rights for Campto® (irinotecan) are not subject to the transaction and will remain with Almirall. All of the 55 employees involved with the Prasfarma business are expected to transfer to Merck providing continuity to the commercial and industrial activities.
Prasfarma, founded in 1991 and located in Barcelona, is a wholly owned subsidiary of Almirall, a leading pharmaceutical company in Spain. Prasfarma's focus is selling uro-oncology treatments to specialists and hospitals via an experienced, dedicated field force. According to a recent survey involving specialist physicians, Prasfarma ranked among the top three oncology companies in Spain.
Prasfarma's management will remain in place and its activities will be folded into the existing pharmaceutical business of Merck in Spain.
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