Shapiro Buys 40% Stake In Biofarm
US banking group Shapiro Bancorp has purchased 40% of the shares inleading Romanian drugmaker Biofarm. It is thought that Shapiro paid for the shares in advance at a price 30% higher than the figure set by Romania's State Ownership Fund, according to the Rompres news agency.
At present, Biofarm accounts for 25%-28% of Romanian pharmaceutical production and is planning to develop another 88 products in its role as the only producer in the country of enzyme-based drugs from vegetable and animal materials.
Reports from the news agency suggest that the company intends to export its products to India and sees the central African market as an area for future growth. Biofarm also announced proposals to invest something in the region of $1.3 million in new environmental measures, and plans to make other investments in the chemicals industry.
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