Sopharma acquires Moldavian distributor RAP Pharma

Ognyan Donev, CEO Sopharma

Ognyan Donev, CEO Sopharma

Leading pharma group in Bulgaria Sopharma receive a regulatory nod to acquire a Moldova pharma distributor, the Company announced in a statement to the stock exchange. Deal parameters to be known when the transaction is finalized. The Moldavian antitrust regulator approved Sopharma to acquire over 51% in RAP Pharma International.

RAP Pharma operates retail chain and warehouse

The distributor RAP Pharma International is a small player on the Moldavian pharma market. It operates a small pharmacy chain – 11 pharmacies, and a warehouse near the capital of Chisinau.

According to data compiled by SeeNews news agency from the Moldovan commercial registry, RAP Pharma International is 80% owned by Molfarm SRL and the individual investor Victor Alergus holds the remainder.

Management looks into acquisitions plan abroad for 2017

Back in October 2016 Sopharma CEO Ognian Donev mentioned the plan to acquire a company in Moldova in an interview for He said that the team is actively working on acquisitions and he hoped to make them true in 2017.

Sopharma already has a distributor and pharmacy chain in Belarus as well as a production and distribution subsidiary in Ukraine. Ognian Donev pointed out Sopharma has registered a medicine in Sweden, Czech Republic and Slovakia and is also looking into expansion of portfolio on those markets.

Mergers locally

Locally, Sopharma expects regulatory confirmation for merging medical products maker Medica after filing the agreement documentation on 13 February 2017.

In February 2015 Sopharma offered to buy 3.35 mln. Medica shares at a price of 3.5 leva per share, representing a 33.28% stake in the company, aiming to fully acquire it. In September 2015 pharma leader raised its stake in Medica to 66.72% and in May 2016 it boosted its stake to 97.94%.

Stepping in USA

2017 started with good news for Sopharma concerning the registration and further development of a popular product Tabex. The company announced buyer of the share of Sopharma AD in Extab – Achieve – is undertaking a merger with another strong player in the development and registration of innovative medicines – Oncogenex, a publicly traded company on NASDAQ.

More on Sopharma FY 2016 results

Read in detail in ELANA Trading equity research reports