Greek Pharmaceutical Chain Eyes Acquisition in Bulgaria

Greek pharmaceutical firm Alapis targets the acquisition of a Bulgarian chain of pharmacies before the end of the month as part of its strategy of expansion throughout southeastern Europe, Greek newspaper Imerisia was quoted by business daily Dnevnik on Wednesday.

The Greek company has steadily expanded its presence on its domestic market through acquisitions in 2007 and now wants to employ the same model to boost its regional reach.

To finance its future buys in the region, Alapis has agreed a syndicated loan from nine banks, worth EUR 640 M, last month.The size of the loan is indicative of the company's ambitions, its previous acquisitions having been a lot smaller, Dnevnik said.

Alapis is already reportedly in talks to buy a Serbian pharmaceutical chain and has a representative office in Albania.For this year, the firm targets a net profit of EUR 120 M on sales of EUR 700 M.

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