Ascendis still has R600m available for acquisitions
HEALTH brands conglomerate Ascendis — which recently spent R7.3bn to acquire Cyprus-based pharmaceutical manufacturer Remedica and European sports nutrition business Scitec — still has some fuel left in its deal-making tank. At a presentation covering year to end-June results on Wednesday, Ascendis CEO Karsten Wellner said the company still had R600m available for acquisitions. He said that meant Ascendis was still able to target companies that could add R100m in profit after tax without resorting to further capital raisings via equity issues. Although the financial year ahead would be largely a period of integrating Remedica and Scitec, Wellner said the company would continue to search for "bolt-on" deals in its three divisions — Pharma, Consumer Brands and Phyto-Vet. Wellner said Remedica and Scitec provided strong platforms for further deal-making — especially in Eastern Europe (via Remedica) and other emerging markets. Scitec has recently ventured into the US market, but he said...
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