New LaborMed managers target acquisitions and sales worth €100 mln

The new management team plans to take over several small local producers and targets a 15 percent market share, compared to 2 percent in 2007.

The new CEO, Stephen Stead, said that the company is looking into regional opportunities in Russia, Ukraine and Turkey.

The company does not have a certain budget for local acquisitions. “Money is not a problem,” said Stead.

“We set an objective of €40 million in gross sales in 2008. There will probably be no local acquisitions this year, but we have several targets,” said Mircea Ilie, Chief Financial Officer of LaborMed Pharma. The investment budget for 2008 is €5 mln excluding acquisitions.

The company’s immediate objectives are portfolio expansion and strengthening the commercial team. “We have a list of 100 products that we want to include in our portfolio,” said Stead.