Almirall Prodesfarma acquires Prasfarma

Spain's leading drugmaker Almirall Prodesfarma has acquired all theshares of Prasfarma, an oncology and hospital products company, in a deal valued at around 2.25 billion pesetas ($12.3 million). Prasfarma was created in 1991 as a joint venture between Prodesfarma (before its merger with Almirall in 1997) and Asta Medica.

Jorge Gallardo, Almirall Prodesfarma's chief executive, said the firm had made the acquisition in order to reinforce its hospital presence. The former's hospital division, consisting of nine products, posted turnover of 1.05 billion pesetas last year, while total sales at Prasfarma rea ched 4.29 billion pesetas. This figure is expected to increase 9.5% in 2001.

Almirall Prodesfarma's sales in Spain and abroad passed the 100 billion peseta mark in 2000, and the firm says it intends to devote over 50 billion pesetas to R&D over the next five years.