Alapis buys veterinary distributor in Cyprus

Alapis, a rapidly developing Greek company that operates in human and animal pharmaceuticals, has acquired 100% of the shares of Pharmacare, a distributor of veterinary products, for €950,000. Pharmacare, which was established in 1988 in Nicosia, Cyprus, distributes veterinary products on the local market for a number of companies includingBayer, Lohmann Animal Health, Boehringer Ingelheimand Danisco. It reported sales of €1.8 million and earnings before interest, taxes, depreciation and amortisation of €434,000 last year. Pharmacare will incorporate all of Alapis’s operations in Cyprus, currently carried out by Alapis Pharma, its local subsidiary.