Ratiopharm put up for sale after Merckle suicide

pharmafile | January 19, 2009 | News story | Sales and Marketing Teva, generics 

German generics company Ratiopharm will be sold off following the death Adolf Merckle, its founder and chief executive.

Merckle committed suicide on 5 January, apparently unable to cope with the financial ruin his company was facing in the wake of the global financial crisis.

Paying tribute Ratiopharm chief executive Oliver Windholz said Merckle had made an exceptional contribution to the German healthcare system.

"Generics in Germany are inseparably connected to the name of Adolf Merckle, with whom we lose the founder of our company group.

"We will keep him in our memory and commonly do all we can to continue Ratiopharm successfully in his spirit."

Ratiopharm's holding company VEM has agreed a credit lifeline with their bankers, in exchange for putting the company up for sale, with Israeli generics company Teva already touted as one possible bidder.

Ratiopharm said it would probably take several months to agree terms with bidders and complete the sale, during which time business would continue as normal.

In a statement the company added that it would do "everything possible to protect the employees' interests during the selling process".

Founded in 1973 Ratiopharm was Europe's first generic manufacturer. The company employs 5,400 staff, more than half of who are based in Germany, and had sales 2007 of 1.8 billion euros.

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