Africa Business Communities
[South Africa] Ascendis Health acquires Cypriot pharmaceutical company Remedica

[South Africa] Ascendis Health acquires Cypriot pharmaceutical company Remedica

Cypriot pharmaceutical company Remedica has been purchased by South African Ascendis Health, an international company listed on the Johannesburg Stock Exchange in a deal worth a reported €260m.

The acquisition is a step taken by Ascendis Health in order to achieve its objective of international expansion.

The signing ceremony took place in Limassol last week and has been characterised by the Finance Minister, Mr. Harris Georgiades, as one of the largest acquisitions of a Cypriot company that has ever been made.

Furthermore, Minister Georgiades emphasized that the said acquisition is “strong vote of confidence in the Cyprus economy” as well as the fact that actions like the said acquisition send out the message that Cyprus is an attractive foreign investment destination.

Specifically, he noted: "It is with such moves that we will ensure the prospects of development for our economy, looking outwards, through maintaining and enhancing a favourable environment for entrepreneurship and investments which is something that will in turn create jobs and opportunities, to help take the country forward".

Minister Georgiades further added that the government will continue its efforts for creating a stable, secure and favorable economic environment for foreign investors.

Remedica is the leading pharmaceutical company in Cyprus which is based in Limassol and its products are in circulation worldwide.

Mr. Charalambos Pattichis, the CEO of Remedica, ensured employees that the acquisition should not be feared, in contrast it is expected that it will create new jobs as the turnover of the company is forecasted to expand.

It should be noted that Remedica will keep its name under the acquisition.

www.ascendis.co.za

 

Share this article