Lithuanian takeover

Lithuania's largest pharmaceutical producer, Sanitas, acquired an 84.5-percent stake in Polish medicines producer Jelfa.

Following this transaction, the Invalda group, of which Sanitas is part, controls over 94 percent of Jelfa's shares. Sanitas said that it will pay zł.534.3 million for the stake, which, as the company's CEO Saulius Jurgelenas said, is the largest ever Lithuanian investment in Poland - about 10 times higher than Lithuania's total direct investment in the country.

"It's possible that we will withdraw the company from the WSE and introduce Sanitas' shares in its place, listing it in Vilnius at the same time," he said.

The Lithuanian company also hopes that the acquisition will help it enter new markets and increase its product portfolio, production and sales.

"We want Jelfa to be our main link in the chain in carrying out our goal of achieving a leading position in production generic pharmaceuticals in Central Europe," Jurgelenas said. 

Sanitas has said that Jelfa will be the R&D engine of the group.