The Spanish subsidiary of Merck KgaA - Merck Genericos SL has purchased the pharmaceutical business of Prasfarma from Almirall Prodesfarma SA, for EUR 20 million, including inventories and other working capital. "A key element of our strategy in Europe is to expand in fast growing Southern European markets like Spain," said Didier Barret, Head of Merck Generics in Europe.
Prasfarma's total sales in 2004 amounted to EUR 13 million, including about EUR 2 million from contract manufacturing. Co-promotion rights for Campto® (irinotecan) are not subject to the transaction and will remain with Almirall. All of the 55 employees involved with the Prasfarma business are expected to transfer to Merck providing continuity to the commercial and industrial activities.
"Prasfarma, with its respected name, an established product portfolio and well-trained staff, will provide immediate resources to fund the launch of Merck products in Spain," said Alberto Bueno, Managing Director of Merck Farma y Química. "As we launch new generic products in oncology and other hospital-related treatments aimed at specialist
physicians, Merck will be able to take full advantage of this important new distribution channel."
Prasfarma, founded in 1991 and located in Barcelona, is a wholly owned subsidiary of Almirall, a leading pharmaceutical company in Spain. Prasfarma's focus is selling uro-oncology treatments to specialists and hospitals via an experienced, dedicated field force. According to a recent survey involving specialist physicians, Prasfarma ranked among the top three-oncology companies in Spain.
Prasfarma's management will remain in place and its activities will be folded into the existing pharmaceutical business of Merck in Spain.
Almirall focuses its research on therapeutic areas related to the treatment of asthma, COPD, psoriasis and rheumatoid arthritis. It is currently present in more than 100 countries with its own products and licensed products from other companies. The company is strengthening its direct presence in Europe and Latin America via affiliates. Almirall's aim is to consolidate its position by focusing on strategic business areas both through its own R&D products and through licensing agreements.