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BALKANPHARMA-RAZGRAD INJECTED WITH A NEW ANTIBIOTIC

Balkanpharma-Razgrad will be producing the antibiotic substance Eritromicin, Iceland's company Pharmaco announced in its INTERNET web-site. Pharmaco owns 100% of Balkanpharma Holding's capital, which on its part holds more than 90% of the Razgrad-based enterprise. Representatives of Pharmaco announced they had purchased the rights for manufacturing that product from the US company Pharmacia. In addition, Pharmaco acquired the production technology for Eritromicin, as well as the business contacts of Pharmacia on the US market and became an agent of the US company for marketing the quantities of that medicine it had failed to sell. Meanwhile, the introduction of the new technology in Balkanpharma-Razgrad should be completed.By purchasing the rights for manufacturing that antibiotic Pharmaco hopes to diversify its product range and increase considerably its efficiency and customers, the announcement in the company's web-site reads. The acquisition will have a positive effect on the market positions of the Iceland's company in the US, Japan, and Western europe.According to the CEO of Balkanpharma Holding Cindry Cindrason, the purchase will contribute to the holding's affirmation as a supplier with efficient manufacturing capabilities on the western markets, the announcement for the media specifies. Thus, the Razgrad-based enterprise, whose financial situation is more difficult as compared to the other two factories within the holding's structure (Balkanpharma of Doupnitsa and Troyan), will diversify its product range of active substances. The proceeds of the Razgrad-based company for the first six months of 2001 exceeded BGL30MN, while its liabilities amounted to BGL22MN.Meanwhile, the financial results of Balkanpharma Holding for the first nine months of 2001 were made public. The proceeds of the three companies, whose majority shareholder it is, totalled USD82.6MN. This amount approximates the financial performance for the entire 2000. The holding's sales in Bulgaria increased 21% in BGL-equivalent. Its exports marked a 17% growth in US dollars, accounting for 52% of the holding's aggregate proceeds. The growth was mainly due to the increased export of end-products (which went up 19 per cent). Russia is still Balkanpharma's largest market for medicines after domestic market, but pharmaceutical substances are exported mainly to Western Europe and the USA.

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