Schweizerhall sells pharma distribution

Swiss group Schweizerhall has continued its strategy of converting intoan industrial holding company by selling off its international activities in Pharma Distribution unit to Aceto Corp of the USA in return for a 10% stake in the latter.

Schweizerhall finance director Konrad Wirz said the sale had been forced by international pharmaceutical distribution market trends. He added that the company was not strong enough on its own to survive in this sector in the long term. Drug distribution in Switzerland, however, will remain unaffected by the sell-off and will be incorporated into the Chemie Schweiz division of the group. Sales of Pharma Distribution last year reached 160 million Swiss francs ($97.6 million).