Olainfarm expands into healthcare

Olainfarm pharmaceutical company has acquired Klinika DiaMed, a private clinic, the company’s spokeswoman Sigita Zviedre told LETA Thursday. This move sees Olainfarm making the first step in expanding into healthcare.

Olainfarm will acquire all Klinika DiaMed shares under an agreement signed on Wednesday, November 9, between Olainfarm and the clinic's co-owners - Otrais Eko Fonds limited partnership, Karlis Kupcs and Toms Baumanis.

As a result, the pharmaceutical group will be providing not only high-quality medicines for the treatment of people but also products and services that can be used to prevent disease, according to Olainfarm CEO Valerijs Maligins.

The company has plans to increase the number of its medical institutions in Riga and Latvia’s regions in the coming years, Maligins said.

Klinika DiaMed will keep its current director Liene Cipule.

Klinika DiaMed specializes in diagnostics and offers clients integrated treatment of neurological, orthopedic and oncological diseases.

The clinic, which employs more than 70, closed last year with €1.211m in turnover and a loss of €138,264. The company’s share capital is €43,225, according to information from Firmas.lv.

Olainfarm group posted €15.289m in net profit for 2015, a 25% growth on-year. The group's turnover rose 4% to €97.392m.

Olainfarm makes medicines, food supplements, active pharmaceutical ingredients and chemical substances. Olainfarm shares are quoted on the Main List of the Nasdaq Riga stock exchange.

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