Embargo : December 10, 2004 at 8:30 AM Brussels Time
Solvay strengthens position in Latin America.
SOLVAY PHARMACEUTICALS announces today the acquisition of the pharmaceutical company ITALMEX in Mexico City. The acquisition marks SOLVAY PHARMACEUTICALS’ expansion in the Latin American markets and into this most important country, where 40% of all Latin American pharmaceutical sales are realized. This is in line with the Group’s growth strategy for the region and follows the acquisition in 2000 of a company in Brazil (SINTOFARMA now SOLVAY FARMA).
Up to now Solvay Pharmaceuticals had only been indirectly active in Mexico.
ITALMEX, a privately held company, had net sales of around USD 21 million in 2003 and ranks number 48 by sales among pharmaceutical companies in Mexico. The company was until now privately owned. The acquisition of ITALMEX fits the main therapeutic areas of Solvay Pharmaceuticals, i.e. gastroenterology, cardiology, mental health and male and female health.
ITALMEX, founded in 1932, employs almost 400 people including a substantial sales force covering the whole of Mexico.
Jürgen Wessolowski, Senior Vice President for Operations, says: “The great improvements to the economic stability in Mexico over the last 10 years and its membership of the North American Free Trade Agreement have increased our determination to be present there. This acquisition strengthens our presence in Mexico and allows us to accelerate our growth in this important market, today the ninth largest in the world. We can now add our leading pharmaceutical products to ITALMEX’ product range and become an important player”.
The acquisition gives SOLVAY PHARMACEUTICALS the opportunity to strengthen its current gastroenterology and gynecology/andrology product lines and to launch its men’s therapy ANDROGEL®, its women’s therapies DUPHASTON® & FEMOSTON® in Mexico, as well as further products as they become available. These products enter the market alongside already marketed brands such as DICETEL®, SERC®, CREON® and others.
SOLVAY PHARMACEUTICALS is the pharmaceuticals business arm of SOLVAY. It is a research driven pharmaceutical company that seeks to fulfil carefully selected, unmet medical needs in the therapeutic areas of cardiology, gastroenterology, mental health and gynecology/andrology.
SOLVAY PHARMACEUTICALS employs more than 7500 people worldwide. For more information, visitwww.solvaypharmaceuticals.com.
SOLVAY is an international chemicals and pharmaceuticals group with headquarters in Brussels. It employs more than 30,000 people in 50 countries. In 2003 consolidated sales amounted to EUR 7.6 billion generated by its three activity sectors: Chemicals, Plastics and pharmaceuticals. SOLVAY is listed on the Euronext 100 index of top European companies. Details are available atwww.solvay.com.
