Unimedic AB successfully closed the deal with Medivir AB to acquire Cross Pharma AB. The transaction is said to have worth 125 MSEK (million Swedish kroners). The deal is also on a debt free, cash basis. Unimedic AB is a subsidiary of MedCap, a private equity firm currently listed in the Nordic market.
The deal is expected to close on the end of the month.
Cross Pharma is among the top players in the parallel import industry in Sweden. The firm imports and exports pharmaceuticals to and from different countries within the Euro zone. The products are then sold in the Swedish market.
In an in-depth explanation of the sale, Medivir's Chief Executive Officer Maris Hartmanis said, "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",
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