The Competition Council approved on December 20, 2007 the takeover of the Cluj-Napoca-based distributor PharmaFarm by Armedica Trading, the Romanian development strategies division of Richter Gedeon, reads a release of the Hungarian group. Richter Gedeon announced in October that it had acquired a 95.78% stake in PharmaFarm from the German group Celesio, in order to consolidate its position on the Romanian pharmaceutical market. After the transaction is completed, Richter Gedeon, will hold around 7% of the Romanian distribution market. Nine months into last year, PharmaFarm had reported losses up by 88%, to 9.54 million RON (around 3 million euros), compared with the same time of 2006, and revenues worth 115.27 million RON (35 million euros), up 14.7%. Gedeon Richter Romania is the subsidiary of the largest Hungarian pharmaceutical producer, Richter Gedeon. The Hungarian group, which had only held a production division in Romania until 2006, started to make acquisitions in the retail and distribution sectors, and went on to operate over 70 drugstores and 5 distribution firms, later grouped together under the name Dita Group. Gedeon Richter is the only company with integrated pharmaceutical operations in the Hungarian group. In the first nine months of 2007, Gedeon Richter Romania posted sales worth 104.4 million dollars, which included production, distribution and imports.
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