Money from LaborMed sale to be invested in pharmaceutical research

The two former LaborMed shareholders, who made €30 mln and 8 mln, respectively, from their shares, are associated in another business, Biopharmacy, each with a 33 percent stake. Biopharmacy, a laboratory established last year, carries out medical research and clinical studies on drugs.

“I will invest in research, even though the facilities that existed 15 years ago are now nil, and the competition has changed. Conditions for business, research and space have changed, staff is hard to find, people leave... It is very hard to make an offer to tempt those worth tempting,” according to a statement for Business Standard by Victor Voicu, member of the Romanian Academy, and university professor, Head of the Chair at the University of Medicine and Pharmacy. Voicu is the husband of Marilena Jiquidi, former 26.1 percent stakeholder of LaborMed.

Constantin Mircioiu, Dean of the School of Pharmacy, who owned 6.6 percent of LaborMed, will also use his money from the sale of shares to develop the business of Biopharmacy. “I am a scientist, and will invest in research. I will use the money to develop the laboratory I have. I will buy equipment, we are targeting European projects and research contracts with major pharmaceutical companies,” said Mircioiu for Business Standard. Mirciou added that the company could enlist the help of another former LaborMed shareholder, Ionel Lovin, in this project.

Biopharmacy has an annual turnover worth €1.5-2 mln.

Advent International recently signed a contract to acquire the entire package of shares of LaborMed.