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9/9/2013

  • Grünenthal signed certain agreements with two major shareholders of Empresas Andrómaco, Chile, preparing a potential takeover of the company later in 2013
  • Grünenthal will now conduct a due diligence of Empresas Andrómaco, followed by a potential launch of a public tender offer for all outstanding shares of Laboratorios Andrómaco S.A.
  • Laboratorios Andrómaco S.A. is the Santiago stock exchange listed entity of the Empresas Andrómaco Group
  • Empresas Andrómaco is a regional pharmaceutical company in Latin America, that manufactures and markets a wide range of pharmaceutical products with sales of approximately USD 200 mn in 2012
  • Acquisition will lead to significant progress in growing Grünenthal’s Latin American business, implementing the Company’s long term VISION 2020 strategy


Aachen (Germany)/Santiago de Chile (Chile), September 9, 2013.
Grünenthal, the international research-based pharmaceutical company headquartered in Aachen, Germany, has reached certain agreements with two major shareholders of Laboratorios Andrómaco S.A to enter into an in-depth due diligence process of the company. Following a successful completion of this due diligence, Grünenthal intends to launch a public tender offer for all outstanding shares of Laboratorios Andrómaco S.A. later this year followed by an effective closing of the transaction until end of 2013. Sergio Weinstein as one of the major shareholders intends to keep a significant stake in the company and remain as minority shareholder.

With Grünenthal’s corporate strategy VISION 2020, the Company has clearly defined a roadmap to secure its successful future as an independent, family-owned pharmaceutical company. The implementation of this strategy is well underway: Grünenthal has concluded a divestment program of non-core businesses over the last years and is now focusing the group on profitable internal and external growth areas. This growth is needed to reach the necessary size and profitability to re-invest in R&D and thus ensure ongoing innovation as a core of the Company’s research-based business model. In terms of external growth opportunities, Latin America plays a key role in this strategy due to the overall market performance and growth expectations as well as Grünenthal’s long-established presence and experience in the region. The planned acquisition of Empresas Andrómaco is a significant step forward in this growth strategy for Latin America.

Empresas Andrómaco is one of the leading pharmaceutical companies along the Pacific coast of Latin America, Central America and the Caribbean with strong manufacturing, marketing and distribution networks for medicines, biologicals, nutritional products and specialized medical devices. In addition to the prescription market, Empresas Andrómaco is active in the field of generic products as well as OTC and the institutional markets. Headquartered in Santiago de Chile, Empresas Andrómaco achieved sales of approximately USD 200 mn and an EBITDA of USD 36 mn in 2012. Since 1980 Empresas Andrómaco has continuously been in the top 5 companies of the Chilean pharmaceutical market. The Group has manufacturing facilities in Chile and Colombia and employs approximately 1,500 people. Grünenthal intends to pay 330 CLP per share for Empresas Andrómaco.

Oscar Ferenczi, Grünenthal’s Executive Vice President Latin America commented on the intended acquisition of Empresas Andrómaco: “We are very pleased that we are able to explore the possibility of bringing Empresas Andrómaco and Grünenthal together in Latin America. We clearly see the strategic fit in terms of regional presence and therapeutic areas. We are very respectful of Empresas Andrómaco’s management team and all employees for their achievements and success to date in building a leading regional company. We believe that there is a real opportunity to build on what both companies have accomplished in the region so far. Together we could realize further growth potential not only through marketing and distribution of the two companies’ own products, but also as a strong regional licensing partner.“

Grünenthal has been active in Latin America since 1968 and today has affiliates in Brazil, Chile, Colombia, Ecuador, Mexico, Panama, Peru and Venezuela and partner activities in Central America and the Caribbean In 2012, Grünenthal’s Latin America business recorded sales of EUR 194 mn and employed more than 800 people. The Grünenthal Group achieved revenues of EUR 973 mn and is headquartered in Aachen, Germany, with affiliates in 26 countries and employs approx. 4,400 employees worldwide.

Deutsche Bank is serving as Grünenthal's financial advisor on this transaction.

About Grünenthal
The Grünenthal Group is an independent, family-owned, international research-based pharmaceutical company headquartered in Aachen, Germany. Building on its unique position in pain treatment, its objective is to become the most patient-centric company and thus to be a leader in therapy innovation. Grünenthal is one of the last five remaining research-oriented pharmaceutical companies with headquarters in Germany which sustainably invests in research and development. Research and development costs amounted to about 26 percent of revenues in 2012. Grünenthal’s research and development strategy concentrates on selected fields of therapy and state-of-the-art technologies. We are intensely focused on discovering new ways to treat pain better and more effectively, with fewer side-effects than current therapies. Altogether, the Grünenthal Group has affiliates in 26 countries worldwide. Grünenthal products are sold in more than 155 countries. Today, approx. 4,400 employees are working for the Grünenthal Group worldwide. In 2012, Grünenthal achieved revenues of EUR 973 mn.

More information: www.grunenthal.com.

Frank Schönrock

Vice President Public Engagement

Grünenthal GmbH


Aachen

E-Mail Frank.Schoenrock@grunenthal.com

Phone +49 241 569-1568