BALKANPHARMA IS BEING RESTRUCTURED
Balkanpharma's owner - Iceland's Pharmaco - is seeking a buyer for the antibiotics manufacturer in razgrad. Only Biovet - Peshtera has so far shown interest towards the deal. In case the negotiations fail, Pharmaco projects to restructure the enterprise. The production of 20 of all the 150 medicines will be moved from Razgrad to Doupnitsa. Some of the workshopd in Razgrad will be closed down and almost 300 employees - sacked. Investments in modernization and introduction of the GMP (Good Manufacturing Practice) which is a must for exporting medicines to the EU countries after April 18, after are projected.The measures, which Pharmaco undertakes, aim to increase Balkanpharma's output and profits and reduce the burden of inevitable investments' risk. The output is projected to go up by 15-20% till the end of 2003, the sales are expected to reach EUR136MN, and the growth of profit to increase by 5 per cent.Meanwhile, it became clear that Pharmaco had acquired more than 90% of the shares of the Dutch pharmaceutical firm Kolotek. The two companies have been working on joint projects for several years. Kolotek was set up in 1999 by the expert in malignant diseases Hans Raskov. The company produces mainly tests for early diagnostics of tumours and medicines for prophylaxis of cancer.