Sopharma acquired majority stake in Moldavian distributor RAP Pharma International

RAP Pharma International има верига от 10 аптеки в Молдова.

Sopharma acquired 51% of the Moldavian pharma distributor RAP Pharma International, after approval by the Committee for protection of competition in Moldova, informed quoting a public announcement by the company.

About RAP Pharma International

According to Moldavian Trade register RAP Pharma International has two shareholders, checked 80% of the shares belong to Molfarm SRL and 20% – to the individual investor Victor Alergus.

RAP Pharma International was founded in 2004 but became active in 2014 when it acquired a license as a pharmaceuticals wholesaler.

Currently, the company owns 10 pharmacies and is the most dynamically developing company in Moldova. 2016 turnover increased by about 40% to over EUR 3 million. There is a staff of 79. The company is one of the total of 7 wholesalers who have developed own chain of pharmacies.

Moldavian market

Pharmacies’ market in Moldova in 2016 is valued at about EUR 100 million – quoted a research by consultancy Pharma Expert.

RAP Pharma International distributes the products of Sopharma, Medica, Momina krepost, STADA (Russia), GRINDEX – Baltic region, POLPHARMA, LEKPHARM – Belarus, FARMA PRIM – Moldova, FLUMED FARM – Moldova, BALKAN PHARMACEUTICALS, Moldova, etc.

As of 2016 RAP Pharma International has been included in the list of companies allowed to supply to state hospitals in Moldova on the basis of centralized tender.

Investors’ reaction

Sopharma shares went up with over 36% as of the beginning of 2017. Looking at the data 12 months ago, they have become more expensive with 51,87% at market capitalization of BGN 546,605 million, according to publication.

FY 2016

Sopharma booked best FY2016 net profit in three years both on one off and cost optimizations. Net income came at BGN 37.3m, 8% below ELANA Trading analysts’ expectations, on additional impairments of Ukrainian investments. Yet, the bottom line is up 47% y/y on profitable divestments of its Serbian investment – Ivancic and Sons. The result is also the strongest in four years.