Polish private equity fund Enterprise Investors has signed a preliminary agreement to buy a 13% stake in PharmaSwiss for 35 million euros ($54.79 million).
The capital increase will lower the holdings of PharmaSwiss’s other strategic investor, HBM BioVentures, and its two founders, who each currently hold 33.3% of the company, to 29.1% each.
PharmaSwiss sells and markets drugs made by large pharmaceutical companies such as Bristol-Myers Squibb and Wyeth in central, eastern and southern Europe as well as Israel.
The drug distributor, which had 100 million euros in sales last year, plans to enter the Russian and Turkish markets in the next few years. Enterprise Investors has held several pharmaceutical and medical services companies in its portfolio over the years, but has exited all of them. The fund will buy the stake in PharmaSwiss through its Polish Enterprise Fund VI (PEF VI).