The acquisition of Cyprus-based pharmaceutical manufacturer Remedica by a South African company was completed on Thursday in a deal worth a reported €260m.
The transaction is one of the largest takeovers of a Cypriot company.
The signing ceremony took place in Limassol.
Remedica’s buyers are Johannesburg-listed Ascendis Health. The price of the acquisition was 4.4 billion South-African rand or €260m in addition to an earn-out of 1.3 billion rand or €75m.
The move is part of Ascendis’ stated objective for international expansion.
Finance Minister Harris Georgiades described the deal as a “strong vote of confidence in the Cyprus economy.”
For its part, the government would redouble its efforts to establish a stable and favourable economic climate for foreign investors, he added.
Charalambos Pattichis, Remedica’s chief executive officer, assured the company’s current employees of their job security, adding that new jobs would be created as turnover is expected to increase.
The Remedica Group of companies was originally established as T. Ch. Pattichis (Manufacturing Chemists) in 1960.
Based in Limassol, Remedica is the leading pharmaceutical company in the country dedicated to the development, production and sale of high quality generic pharmaceutical products.
Remedica’s products circulate in more than 100 countries worldwide through a selective network of representatives and some are also available for in-licensing by other companies.