DEGUSSA COMPLETING PURCHASE OF AWD

In a report issued by the directors of Germany's Degussa, the company noted that (subject to final approval by the administration board of the Treuhand eastern German privatization agency and by the anti-trust authorities) Degussa is acquiring Arzneimittelwerk Dresden GmbH.

The statement said that Degussa's affiliate Asta Medica AG won the bid under an internationalization privatization tender sponsored by the Treuhand. With 2,000 employees and sales of over 400 million Deutschemarks ($263.9 million), AWD is the largest producer of pharmaceuticals in eastern Germany. The company focuses principally on treatments for cardiovascular, gastrointestinal, rheumatic and central nervous system disorders.For Asta, this acquisition represents an entree into the market for branded generics and expansion into the new eastern sector.