ECONOMY

Famar and Minerva in deal

Pharmaceutical companies Famar and Minerva yesterday said they will be combining their forces in drug production, with the former shifting its production base to Minerva’s facility at Alimos and taking charge of integrated operation. The companies gave no financial details of the deal nor a time frame for implementing the changes. A subsidiary of retailing group Marinopoulos, Famar has, in recent years, expanded its production capacity and moved into the European market with a series of acquisitions. Last year, it took over Aventis Pharma’s site in France, giving it access to facilities specializing in the production and packaging of drugs in solid form. This was preceded by the acquisition five months earlier of Swiss healthcare group Novartis Pharmaceutical’s production site in Orleans, France. Under the agreement with Minerva, Famar will relocate its semi-liquid and liquid drug production facilities to Alimos, Minerva’s production center. It will also be responsible for the plant. Famar has eight factories producing drugs and cosmetics in Greece, France, Italy and the Netherlands, with an annual total production capacity of 450 million units. The company claims to be among the top three largest drug producers in Europe. Consolidated turnover this year is projected at 150 million euros with total production estimated at 350 million units. Minerva is one of the oldest drug companies in Greece, with a history dating back to 1935. Products are sold both locally and abroad. The company recently expanded into the health food market with the launch of a line of health food supplements, Eurovita Natural Choice. Consolidated sales in the last three years have more than doubled and are forecast to reach 7.8 million euros this year. «Turkey is looking very good at the moment and seems to have the best chances of becoming an energy hub,» said Adrian Rouse, an energy analyst at Bender Security in Istanbul.