Farmacol buys Cefarm Warszawa and captures large share of drugs market

Farmacol, a listed pharmaceutical company based in Katowice, has purchased one of the biggest Polish medicine wholesalers, Cefarm Warszawa. Farmacol paid zl .93 million for the 85% stake. This means that Farmacol will now control up to 17% of the drugs distribution market. "We are purchasing Cefarm's shares in two installments. Today we took over 51% of shares, then in six-months, we are going to take over the remaining next 34%, said owner of Farmacol Andrzej Olszewski. What is very attractive for Farmacol in this deal is that it opens up access to the lucrative market of Warsaw. "Our market share in the capital will range from between 10% to 20%. Entering this market was a key objective for us", "In purchasing Cefarm, Farmacol has bought the market of central Poland", said Przemyslaw Sawala-Uryasz, a DM BZ WBK analyst. Cefarm's employees are not happy with the deal, as Farmacol refused to guarantee their employment for three years. Olszewski stresses that of most employees jobs are safe. (Puls Biznesu, p. 3), M.T.