Medivir streamlines operations by divesting Cross Pharma, its parallel import business
Stockholm — Medivir AB (OMX: MVIR) today announced that the company has signed an agreement to sell its wholly owned subsidiary, Cross Pharma AB, to Unimedic AB, a subsidiary of the Swedish listed company MedCap AB. The intention is to close the deal by June 30, 2013. The consideration is 125 MSEK on a cash and debt free basis.
A strong focus on quality, reliable deliveries and a rapid response to market changes have made Cross Pharma one of the leading players in the Swedish parallel import market. The company imports original brand pharmaceuticals from a number of EU countries and sells them to pharmacies in Sweden. The company was the first to do parallel trade in Sweden and since then Cross Pharma has built strong long-term relationships with a network of suppliers.
"Over the last few years Medivir’s investment in the company has contributed to Cross Pharma’s current strong commercial position in Sweden. However, Cross Pharma’s business differs significantly from Medivir’s other commercial activities, which are focused on sales and marketing of the company’s own prescription pharmaceuticals. Following the sale of Cross Pharma, Medivir will be a research-based pharmaceutical company with proprietary prescription products on the Nordic market. The sale of Cross Pharma further strengthens Medivir’s financial position", says Maris Hartmanis, CEO of Medivir.
Ernst & Young Corporate Finance acted as financial advisors, and Nord & Co acted as legal advisors in the transaction.
For more information, please contact:
Maris Hartmanis, CEO Medivir AB, phone: +46 (0)8 407 64 30
Rein Piir, EVP Corporate Affairs & IR, phone: +46 (0)708 537 292
Medivir is an emerging research-based pharmaceutical company focused on infectious diseases. Medivir has world class expertise in polymerase and protease drug targets and drug development, which have resulted in a strong infectious disease R&D portfolio. The Company’s key pipeline asset is simeprevir, a novel protease inhibitor in late phase III clinical development for hepatitis C that is being developed in collaboration with Janssen R&D Ireland.
Medivir also has a broad product portfolio of prescription pharmaceuticals, which it markets in the Nordic region.
For more information about Medivir AB, please visit the Company’s website: www.medivir.se
MedCap is a Nordic listed private equity player that invests in mature companies in the life sciences sector with significant development potential. MedCap is listed on First North Premier in Sweden.
For more information about MedCap AB, please visit the company’s website: www.medcap.se
Medivir is a collaborative and agile pharmaceutical company with an R&D focus on infectious diseases and a leading position in hepatitis C. We are passionate and uncompromising in our mission to develop and commercialize innovative pharmaceuticals that improve people’s lives.