Navamedic expands cooperation with Aspen
Navamedic ASA (OSE: NAVA) today announced an expansion of the Company's cooperation with generic pharmaceuticals manufacturer Aspen of South Africa. Navamedic assumes responsibility for products representing additional NOK 40 million in annual sales.
Aspen, the largest pharmaceuticals company in the southern hemisphere, has been Navamedic's main supplier since 2010. Navamedic markets and distributes Aspen products in the Nordic and Benelux markets.
Aspen acquired a portfolio of pharmaceuticals for the European market from MSD last year. Starting immediately, Navamedic will market and distribute the majority of these products in the Nordic markets on Aspen's behalf. The products now being included in Navamedic's portfolio represent annual sales of approximately NOK 40 million in these markets. Navamedic had total revenues of NOK 152 million last year.
Navamedic has also renegotiated its previous agreements with Aspen, improving the Company's overall profitability from its relationship with the South African pharmaceuticals group.
"The renewed and expanded cooperation with Aspen establishes an even stronger platform for Navamedic. We will continue to pursue growth in the Nordic markets and further improve the Company's profitability," said Navamedic's acting CEO Håkan Josephsson.
For further information, please call Håkan Josephsson, interim CEO, telephone +46 706 742 533 or Bjørn Lindholt, CFO, telephone +47 9300 6601.
Navamedic ASA is a Norwegian pharmaceutical products company, marketing and distributing more than 100 products in the Nordic and Benelux markets. The Company operates three business areas; Pharma Products, Medical Nutrition and Consumer Care based on its relationship with a number of pharmaceutical product manufacturers. Navamedic is listed on the Oslo Stock Exchange (ticker: NAVA).