Croatian company invests €11 million - PharmaS took over Nis-based pharmaceutical company Ni Medic

Croatian PharmaS has taken over Serbian pharmaceutical company Ni Medic, President of the Management of PharmaS Zdravka Knezevic said today.

She said at the press conference that the investment of 11 million euros also included the acquisition of drugs distributor In Med and investing in development of the business and completion of a pharmaceutical plant in Zrenjanin.

As Ms. Knezevic pointed out, the plan is that PharmaS, which was formed in late 2008 by Luka Rajic, a Croatian businessman and former owner of the dairies Dukat and Somboled, develops into a regional company.

Ms. Knezevic stated that the arrival in the Serbian market was a priority for PharmaS because the new therapies were launched in Serbia three or four years later than in Croatia.

According to Ni Medic Director Radivoj Topalov, Ni Medic's unit in Belgrade currently produces nine drugs and the annual value of the production is about 2 million euros.

- The new factory of generic drugs in Zrenjanin, which should start the production in mid-2012, will enable expansion of the product portfolio and growth of annual production to about 10m packs of drugs - he said.

Topalov also announced that 20 new medicines would be registered in 2011, as well as that six medicines were expected to be registered and exported to Bosnia and Herzegovina.

As it was announced at the press conference, Ni Medic and In Med will change the name into PharmaS next year.