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Remedica supplies over 300 generic pharmaceutical products to c.100 countries, primarily in emerging markets including the Middle East, Asia, Africa and South America. It supplies essential medicines such as malaria treatment and antibiotics to global non-governmental organisations, including reputable institutions such as the World Health Organisation, Medicins Sans Frontieres and the International Red Cross. Remedica manufactures its products from five GMP accredited manufacturing facilities in Cyprus, including a newly constructed world-class oncology facility. The business has a strong pipeline of specialty disease drugs, particularly oncology and HIV, which are expected to be launched over the next three years. “Remedica will transform Ascendis’ Pharma-Med division into an international pharma player,” said Dr Wellner. “The business creates a strategic platform for international expansion and growth in the generic pharmaceutical industry in both Europe and emerging markets. The manufacturing facilities can also be used by our other recently acquired pharma businesses Akacia Healthcare, in South Africa, and Farmalider, in Spain.” He said Remedica has a strong management team, with the CEO committed to remaining in the business for at least the next three years. Scitec Nutrition ranks among the leading sports nutrition brands across Europe, with a key presence in major markets like Germany, France, Spain, Italy, Hungary and Poland. The company’s products are also well represented in the Middle East, Russia, Australia and Asia, with sales recently launched in the USA. The company employs a combined distribution strategy of own sales representatives, own retail and distributor partners, depending on the country. The company was founded in 1996 by Zsolt Bengyel and is based in Budapest, Hungary. Its wide range of sports nutrition products, targeted at functional fitness, strength training and well-being, are marketed in nearly 90 countries worldwide. Scitec is vertically integrated and owns a modern manufacturing facility in the European Union, where the company produces over 280 products. The facility, which is GMP certified and US FDA registered, has recently been upgraded to increase capacity for growth. “Scitec Nutrition is a great brand and is well established in key global sports nutrition markets. This acquisition complements our global strategy as it provides a platform for international expansion in the sports nutrition and wellness industry.” “We will have the opportunity to accelerate the offshore expansion of the Ascendis sport nutrition brands, Evox and SSN, and will look to grow Scitec’s sales in Africa. The acquisition also provides the opportunity to extract synergies in research and development, production and the procurement of whey protein,” said Dr Wellner. The two transactions will be funded through a combination of new debt facilities of €180 million, a fully underwritten rights offer of R1.2 billion and vendor placements totaling R1.2 billion. The International Finance Corporation (IFC), a member of the World Bank Group, has committed US$30 million while another international investor has committed R180 million as part of the vendor placement. The transactions are subject to shareholder and regulatory approvals, including the JSE and SA Reserve Bank. Ascendis shareholders representing 63% of the shares in issue have formally supported the transactions. The effective date of the transactions is expected to be August 1, 2016. Photo: Ascendis Health CEO, Dr Karsten Wellner.]]>