Rhein Biotech moves into profit, GreenCross successfully integrated
Rhein Biotech, which runs its major operations out of the Netherlandsand Germany, has posted a 10-fold increase in sales to 60.4 million euros ($54.1 million) for 2000, boosted by organic growth and the successful integration of Korea's GreenCross Vaccine Corp, acquired in a $110 million deal about a year ago (Marketletter March 13, 2000).
Rhein ended 2000 with net income of 8.0 million euros compared to a loss of 0.6 million euros for the previous year, thanks largely to the sale of the Argentine firm Rhein Americana to Aventis Pasteur.
Product revenues increased to 54.8 million euros compared to 1.2 million euros in the previous year, driven by Hepavax-Gene, Rhein's hepatitis B vaccine, which is marketed worldwide from Seoul. Sales of interferon and interleukin by group member PC Gen in South America also climbed significantly.
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