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PENNEX PRODUCTS ACQUIRED BY DUTCH FIRM MEDICOPHARMA

Executive Summary

PENNEX PRODUCTS ACQUIRED BY DUTCH FIRM MEDICOPHARMA, for an undisclosed price. The acquisition by Medicopharma, a drug wholesaler and generic manufacturer with operations primarily in the Netherlands, was finalized during the week of Dec. 21-25. The Verona, Pa.-based private label manufacturer of OTC and H&BA products had previously been privately held. The acquisition gives Medicopharma "an important foothold in the U.S. market where [the firm] currently conducts limited OTC business," a Pennex release announcing the merger states. The Medicopharma merger provides Pennex with "an important introduction to the export business along with more sophisticated systems and planning procedures," Pennex added. In addition, Pennex said it will have access to Medicopharma's Charlotte Pharmaceuticals production facility in Charlotte, N.C., which currently manufactures prescription generic drugs. Pennex indicated that, with the exception of several internal promotions, the merger will have a limited initial impact on management and operations. Mort Rezak has assumed the position of president reporting to Medicopharma CEO Suardus Fontein. In addition, former national sales manager Ted Betush and technical director Walter Szczesiul have been promoted to VP-sales & marketing and VP-technical affairs, respectively. VP-Finance Bruce Sachnoff and VP Hal Mendlowitz will stay in their current positions. Former Pennex Chairman Martin Sachnoff will remain as a consultant to the company, the release notes. Pennex "will keep operating in the same way" after the acquisition, Rezak commented. He noted that Pennex' private label business to supermarkets and drug chains, including Peoples, Rite Aid, Revco, and Osco, has grown at a compounded rate of 20% annually over the past five years. Pennex annual sales are reportedly approaching $100 mil.
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