Johannesburg - Ascendis Health says it has completed its R7.3 billion purchase of Cyprus-based Pharmaceutical manufacturer Remedica, and Europe-based sports nutrition company Scitec.
The group says in a statement it concluded payment on Thursday.
Remedica was acquired for 260 million euros, including a deferred payment of 90 million euros after 3 years, while Scitec was acquired for 170 million euros, including a deferred payment of 20 million euros after 1 year, with precautions against exchange rate volatility around the price.
In a statement issued on Friday, Ascendis says, along with the acquisition of Spanish pharma-company Farmalider in August 2015, these deals places it in a strong position to further enhance its range of health and care products, broaden its distribution network and continue to develop local and international organic growth synergies.
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The deals should drive the Ascendis market cap close to R11 billion. Its market cap is currently R7.7 billion.
IOL