"Continuation of the company is assured," says CEO

Apart from its ownership, few things will change in the company following its acquisition by Ascendis Health, said Remedica CEO, Mr Charalambos Pattichis, stressing that as long as he remains in charge, Remedica remains a Cypriot company. The agreement provides for an immediate  payment of €260 million and a further €75 million after three years.

Commenting on the acquisition of Remedica by Ascendis Health, which is listed on the Johannesburg Stock Exchange, Mr Pattichis recalled something that his father had told him: "The philosophy behind the establishment and development of the company was the pursuit of profit but only when it was in the interest of all stakeholders." Bearing this in mind and after much thought about the future of the company”, explained Mr Pattichis, "we decided to look for a strategic investor, who will bring in expertise, new products, and other funding-relevant information".  

The CEO went on to explain that, “The company was chosen because it ensures the continuation of Remedica. Ascendis wishes to have a comprehensive, global and permanent presence in the health sector, which includes drugs for human use". Mr Pattichis sees the agreement as good for both sides, as it includes the provision of Ascendis products through Remedica and over 200 registration dossiers for new products available through its subsidiary, "favorable to our terms’’. Furthermore, Remedica will be part of  the Ascendis network of more than 40 companies in different sectors and different countries.

He expressed his confidence that, "under the new umbrella we will not only continue our good progress but achieve even more impressive results’’.

At the same time, Mr Pattichis said, the Remedica success story will strengthen the confidence of foreign investors to make further investments in Cyprus.

Vote of confidence in the economy

The President of the Limassol Chamber, Mr Costas Galatariotis emphasised the significance of the acquisition of Remedica Holdings by Ascendis Health, both for the local pharmaceutical industry and the broader Cypriot economy.

Mr Galatariotis explained that this acquisition demonstrates that Cyprus has companies and industries that are very progressive, managing to overcome borders and become exporters. "The fact that a company from South Africa decides to allocate large sums to acquire a Cypriot pharmaceutical company is a vote of confidence in the company, in the pharmaceutical industry, as well as in the Cypriot economy," he said.

Moreover, the LCCI President noted the South African company’s intention to expand and upgrade Remedica’s activities, while targeting growth in pharmaceutical exports, which, he said, should prove particularly beneficial for Limassol and will simultaneously involve the creation of new jobs. At the same time, he said, "This agreement is a shining example of the fact that third countries see Cyprus as a safe vehicle for their entry to the European market." Explaining that the pharmaceutical industry is perhaps Cyprus’ most important export industry, Mr Galatariotis stressed that the acquisition of Remedica will have positive repercussions regarding both the name and reliability of Limassol and Cyprus in general.