Pharmaceutical manufacturer LaborMed Pharma, which became part of the portfolio of investment fund Advent International at the beginning of this year, for 123 million euros, is interested in grow by means of acquisitions, both on the local market and in the neighbouring states.
"We are looking at two areas currently: very small companies, and big companies, which have a lot of products in their portfolio, and want to give up some of them. We have no budget-related constraints at present. With an investment fund as our shareholder, money is not an issue. If we find a 100 million-euro business, which we regard as interesting, we will buy it," said Stephen Stead, CEO of LaborMed.
As for the acquisition of products, their value is around three times as big as the yearly sales of that product, with the British executive citing a product with annual sales worth 3 million euros, which would cost at least 8-9 million euros.
The list of products that LaborMed is examining contains over 100 drugs, which could double the company's portfolio.
Stead, together with two new members of the managing team, Mircea Ilie, CFO and Adrian Stroilescu, business development manager, holds a "minority stake" in LaborMed, estimated at under 10%.
Stead is one of the best-known executives in the pharmaceutical industry, filling the position of CEO of another top ranking manufacturer, Terapia, from 2004 to 2006. Prior to joining LaborMed, he was CEO of Polpharma, leader of the Polish drug market.
Mircea Ilie, CFO of LaborMed, worked with Advent on three of its projects in Romania, Brewery Holdings, Euromedia and Terapia. Adrian Stroilescu, the new business development manager, is trained as a doctor and has experience in distribution, marketing, sales, business development, which he gathered both in local companies and in multinationals, since 1998.
The goals of the new management include a 100 million-euro turnover in the coming four-five years, compared with the 28 million euros reported in 2007. In terms of the company's value, Stead says it could increase three or four times in four or five years. During Stead's term in office, Terapia's value increased over seven times in 4 years, but it would be "unrealistic" to set the same target for LaborMed.
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