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<p><b>PLIVA, the largest pharmaceutical company in Central and Eastern Europe, |
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signed a non-binding Memorandum of Understanding with SANOFI BIOCOM PHARMA HOLDING |
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B.V.</b></p> |
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<p> Zagreb, 14 December 1998 </p> |
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<p>The Memorandum of Understanding deals with PLIVA's intention to purchase a |
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60% stake in the Polish pharmaceutical company FARMACOM whose head office is |
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situated in Krakow, Poland. According to the Memorandum of Understanding, the |
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purchase of the stake will be carried out through PLIVAs daughter company POLFA |
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Krakow which already owns the remaining 40% stake in FARMACOM. </p> |
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<p>The transaction will be conditional on (inter alia) obtaining the approval |
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of the Polish Office for market competition protection, which is expected in |
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the Spring of 1999. </p> |
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<p>FARMACOM produces, develops and markets a range of high quality drugs in all |
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forms - tablets, capsules and especially syrups. Production activities and the |
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position of FARMACOM in Krakow are ideally coupled with the existing needs and |
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capacities of PLIVAs Polish subsidiary POLFA Krakow for the production of liquid |
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drugs (syrups). </p> |
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<p>Commenting on this event Mr. Zeljko Covic, President of PLIVAs Management |
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Board, said: "This acquisition will be a further confirmation of PLIVAs strategy |
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to expand and grow on Central and Eastern European markets, thus additionally |
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strengthening its position as the leading pharmaceutical company from the region. |
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By purchasing a stake in FARMACOM, PLIVA will likewise widen the range of high |
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quality products in its portfolio as well as empower its position in one of |
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the fastest growing markets in the region". </p> |