Zentiva buys drug portfolio in Hungary from Sanofi

02.03.2007 | , Reuters
Zpravodajství ČTK


(Repeats story filed late on Thursday with no change to text)...

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PRAGUE, March 1 (Reuters) - Czech drug maker Zentiva bought a portfolio of 23 products and related business in Hungary from its partner Sanofi-Aventis to expand its central European presence, Zentiva said on Thursday.

In entering the Hungarian market, Zentiva acquired -- for an undisclosed price -- the generic products which it said had sales of 11 million euros ($14.54 million) in 2006.

France's Sanofi-Aventis has been the firm's largest shareholder with a 24.9 percent stake.

Zentiva, one of central Europe's biggest pharmaceutical firms, said it expected to expand its presence in Hungary by introducing more of its own generic drugs.

"Zentiva believes that it can play an important role in the primary care market in Hungary," Jiri Michal, Chairman and Chief Executive was quoted as saying in a statement.

"Our entry into Hungary represents a further step towards our goal of becoming the leading pharmaceutical company in Central and Eastern Europe."

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