Luxembourg Haden increases its stake in Bosnia's largest drugmaker

Investment firm Luxembourg Haden, which is reportedly affiliated with the well-known Russian drug distributor Imperia Pharma, has announced the acquisition of the 30% stake in Bosnalijek, Bosnia’s largest drugmaker. Last year, Haden acquired a 15.3% stake in the Bosnian company. The value of the deal is estimated in the range of 20 million euros ($26.5 million) to 25 million euros.

Bosnalijek currently remains the largest producer of drugs in Bosnia and Herzegovina, with a portfolio composed of 154 drugs (mostly generic) including flagship Bronhobos, Enterofuril and Lizobakt. In 2012, the company's turnover amounted to 56 million euros, and earnings before interest, tax, depreciation and amortization (EBITDA) were 8 million euros.

Nedim Uzunovich, Bosnalijek’s chief executive, said that Haden has already agreed with the government of Bosnia and Herzegovina of the acquisition of another 22% stake in the company, which will allow it to increase its total share to 52%.