Norgine B.V. today announced that it has completed the divestment of its MENA operations and product rights for MOVICOL®, MOVIPREP®, KLEAN-PREP® and NORMACOL® in MENA to Acino.
Peter Stein, CEO at Norgine said: “The divestment of Norgine’s MENA operations and product rights to Acino ensures that patients in the region will continue to benefit from our products while enabling Norgine to drive our European strategy forward in order to deliver profitable growth and create a dynamic and sustainable business in the long term. Norgine will be looking to use the proceeds of this transaction to acquire further specialist products for sale through our European infrastructure.”
Kalle Känd, CEO at Acino said: “The acquisition of Norgine’s MENA operations is perfectly in line with our dynamic growth strategy in our key markets in the Middle East and Africa. The products are complementary to our existing portfolio in these markets and will considerably strengthen our offer in one of our core therapeutic areas – gastroenterology.”
The transaction includes the transfer of Norgine’s employees and entities in Egypt and employees in Tunisia. Norgine will continue to manufacture its own products for Acino.
Financial terms are not disclosed.
Source : norgine.com