Deals
Bulgaria’s Top Drugmaker Eyes Profit Boost After Acquisitions
- Sopharma awaits FDA approval for smoking cessation drug Tabex
- Bulgarian drugmaker is seeking to expand in eastern Europe
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Bulgaria’s biggest publicly-traded drugmaker Sopharma AD is looking at further acquisitions around eastern Europe as it awaits U.S. trials for an anti-smoking drug.
Sopharma’s net income dropped by almost a third in the first nine months of 2018 as the company integrated Medica AD, a Bulgarian producer of dressing materials and medical products, and fellow Sofia-based drugmaker Unipharm AD. Ruble volatility and red tape in Russia also eroded sales, Chief Executive Officer Ognian Donev Donev said in an interview in Sofia. He nevertheless remained upbeat on the earnings outlook, once completing the mergers.