Oriola and Euroapotheca announce prospective CEO and Chairman of the Board for the planned pharmacy joint venture in Sweden
Press release 16 May 2022
Oriola and Euroapotheca announce prospective CEO and Chairman of the Board for the planned pharmacy joint venture in Sweden
As announced on 9 February, Oriola and Euroapotheca have signed a framework merger agreement for combining the respective pharmacy businesses Kronans Apotek and Apoteksgruppen into a new company in Sweden.
Now the companies have indicatively agreed that current CEO of Apoteksgruppen Mr. Erik Sjögren will be the prospective CEO of the new company. Additionally, the parties have indicatively agreed that Oriola’s Chairman of the Board Mr. Panu Routila will be the prospective Chairman of the Board of the new company and Ms. Katarina Gabrielson, the CEO of Oriola Corporation, would also be joining the Board. Euroapotheca will nominate its candidates to the Board in the due course.
The transaction is subject to competition authorities’ approval
The new company to be established will have over 470 chain driven pharmacies, 44 franchise driven pharmacies and full online pharmacy operations, over 2,300 full-time employees and an illustrative combined revenue of EUR 1,140 million as of 2020 in Sweden. The new company will be the third largest player in the Swedish pharmacy market by revenue, with an estimated combined market share of 25 percent.
The transaction is subject to competition authorities’ approval. The European Commission has already given its decision on a referral request made by the parties and decided to refer the case in its entirety to be reviewed and ultimately decided upon by the Swedish Competition Authority (Konkurrensverket).
Both parties are working in active dialogue with the relevant authorities. Approval of the transaction is expected to be received during the second half of 2022. Until all merger closing conditions are met and the merger is completed, both Kronans Apotek and Apoteksgruppen will continue to operate fully separately and independently.
Further information:
Tuula Lehto
VP, Communications and Sustainability, Oriola
tel. +358 40 5885 343
email: tuula.lehto@oriola.com
Laimonas Devyžis
Head of Business Development, Euroapotheca UAB
Email: Laimonas.devyzis@ev.lt
Oriola is a health and wellbeing company operating in Finland and Sweden. We help people to lead healthier lives by giving them access to sustainable health and wellbeing products and services. In Sweden, Oriola owns the country’s third-largest pharmacy chain, Kronans Apotek. In addition to pharmacies, our dose-dispensing, medical information and patient support services enhance the safety and effectiveness of pharmaceutical care. Our expert services support pharmaceutical companies throughout the entire lifecycle of medicines. Oriola’s supply chain ensures reliable and safe delivery of pharmaceuticals to pharmacies, hospital pharmacies, veterinarians and other healthcare operators. In 2021, Oriola’s net sales were 1.9 billion euros and group employed approximately 4,100 professionals. Oriola Corporation is listed on Nasdaq Helsinki. www.oriola.com
EUROAPOTHECA is an international group of Northern European companies that operate retail pharmacy chains and wholesale pharmaceutical companies in Lithuania, Sweden, Latvia and Estonia, as well as online pharmacies in Lithuania, Latvia and Estonia. EUROAPOTHECA group was established in 1998. EUROAPOTHECA currently owns 480 pharmacies and 119 franchised pharmacies in four countries and employs more than 3900 employees. EUROAPOTHECA controls pharmacy chain Eurovaistinė (274 pharmacies) in Lithuania, Apoteksgruppen (150 pharmacies and 43 franchised pharmacies) in Sweden, Euroapteek (76 franchised pharmacies) in Estonia, Euroaptieka (56 pharmacies) in Latvia. www.euroapotheca.lt