Advised on Sale of Company


Dermapharm AG

Group of generic pharmaceutical companies Germany

Acquired 100% of shares

Farmal d.d.

Generic pharmaceutical producer Croatia

Advised Farmal d.d. on its sale to ACG Worldwide



Farmal d.d. is a Croatian pharmaceuticals company with a production of generic drugs and food supplements through its subsidiary Aktival d.o.o. The owners of Farmal were looking to spin off the non-core pharmaceuticals operations and Farmal management was actively seeking a strategic partner that would enable further growth and smoother entry into foreign markets, as the company was generating more than 90% of its revenue locally. As a part of Dermapharm AG Holding, Farmal has obtained the conditions positioning itself as a significant pharmaceutical company in the neighboring markets of Bosnia and Herzegovina and Serbia.

The Investor

Dermapharm AG is a generic pharmaceutical company from Grünwald near Münich, Germany. Founded in 1991 as a family-led enterprise, Dermapharm specialized in the manufacturing and distribution of dermatological and anti-allergy medication. Today, Dermapharm is a holding company with a broad portfolio of pharmaceutical products, mainly generic drugs.

The Deal

Dermapharm acquired a 95% ownership share in Farmal, for an undisclosed sum with 79% acquired from the previous owner Miljenko Boršćak and his company Bomark, and 14% from smaller shareholders, including management. As a part of Dermapharm AG Holding, Farmal will expand it’s product portfolio and significantly reduce the expenses for medicines and raw materials used in the manufacturing processes and the new owner will provide a foundation for a quality financial restructuring and further growth of the enlarged local and regional market share.


Dražen Dedi

CEO of Farmal d.o.o.

Well, we have just completed our third transaction in four years with IMAP. We have successfully attracted the first investment from an Indian group and most recently we have successfully partnered up with Dermapharm AG of Germany, a leading generic drug producer in the EU. As a result, we will gain access to new products, and we will have a much lower entry price of drugs and raw materials. With a new owner we ensure better financial restructuring and further growth in our share of the regional markets. Given the economic situation this is essential.


Not one of these deals were easy and even though we have become transaction experts and M&A scholars we always have relished and relied upon the thoughtful, energetic and professional help that Jurgis and his team bring to the deal.


Our company's four pillars are: quality, customer relationships, employees and socially responsible conduct. In many ways IMAP mirrors these with its own way of doing things. They are delivering a quality product with the client centre stage. They work as a real team, taking as much of the stress from the process and their approach has always been fair, honest and rigorous. Thank you!

Experts who worked on the transaction