Ascendis Health's share rise 12.5% to R6.20 on Monday
after announcing a potential offer of its Remedica unit, which it
acquired two years ago for €335m.
The acquisitive group announced its plan to purchase Cyprus-based Remedica along with Hungary's sports nutrition company Scitec for €170m in May 2016.
The acquisitive group announced its plan to purchase Cyprus-based Remedica along with Hungary's sports nutrition company Scitec for €170m in May 2016.
Monday's gain has helped Ascendis nearly double the R3.26 low it fell
to in December, helping it recover after ranking as the JSE all share
index's worst performer in 2018.In its 2018 financial year results, Ascendis listed five subsidiaries outside of South Africa.
“International revenue increased by 35% to R3.7bn and benefited from the acquisitions of Remedica in Cyprus and Sun Wave Pharma in Romania. International revenue now accounts for 48% of the group's total sales, up from 43% in 2017,” Ascendis said in its results statement.
When Ascendis announced its plan to acquire Remedica in 2016, it described it as “a Cyprus based pharmaceutical company, operating for over 50 years is dedicated to the development, production and sale of high quality, safe and efficacious generic pharmaceuticals”.
“Remedica supplies more than 300 products from over 200 active pharmaceutical ingredients to about 100 countries worldwide, with about 7% of sales generated within Cyprus.”
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