Gruenenthal completes acquisition of Empresas Andromaco

Almost doubles sales in Latin America

The Grünenthal Group has almost doubled its revenue in the Latin American region through the acquisition of 81.59% of the shares of Laboratorios Andrómaco of Chile through a public tender offer. The German firm offered CLP 332.48 (US$0.63) per share. Combined the firms employ around 2,300 people in the region and have around US$450m in revenue.

Eric-Paul Pâques, CEO of Grünenthal Group, said the acquisition was a milestone in the implementation of the firm's global growth strategy.

'With Empresas Andrómaco, we acquire the best regional company to complement our own business and our therapeutic areas in the Andean countries and Central America. This important step will enable us to take the operation of both companies in Latin America to the next level,' he said.

He added that Grünenthal is also looking for additional businesses in Mexico and Brazil.

Sergio Weinstein, former majority shareholder and Vice President of Andrómaco, added: 'I am very happy with the result of this process. I see it as a great opportunity for Andrómaco and for all its employees.'

Grünenthal has been active in Latin America since 1968 and with the addition of the Empresas Andrómaco business, will have affiliates in Bolivia, Brazil, Chile, Colombia, Costa Rica , Ecuador, Guatemala , Mexico, Panama, Peru and Venezuela and partner activities in Argentina, Dominican Republic, Honduras, Nicaragua, Paraguay, El Salvador and further Central American countries and the Caribbean.

The Grünenthal Group is an independent, family-owned, international research-based pharmaceutical company headquartered in Aachen, Germany and is focused on developing treatments for pain.

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