Farmacosmo divests shares in Turin and Verbania pharmacies; 67 percent in De Leo

(Alliance News) - Farmacosmo Spa announced Thursday that it has signed a binding agreement to sell a 67 percent stake in Innovation Pharma Srl.

Innovation Pharma is 67 percent owned by Farmacosmo and 33 percent owned by G&Ph Holding Srl. Innovation Pharma controls 100 percent of GPharma1 Srl, 100 percent of GPharma2 Srl, and 67 percent of Farmacia De Leo Srl.

Upon completion of the transaction, G&PH will come to hold 100 percent of Innovation Pharma and its subsidiaries GP1 Farmacia Torino and GP2 Farmacia Verbania, and Farmacosmo will hold 67 percent of Farmacia De Leo.

Under the transaction, Farmacosmo will sell its shares in Innovation Pharma to G&Ph at a value of about EUR5.8 million; and at the same time Innovation Pharma will sell its shares in Farmacia De Leo to Farmacosmo at a value of about EUR5.3 million.

The differential emerging from the transaction, amounting to about EUR510,000, will be paid by G&Ph to Farmacosmo as follows: EUR150,000 at closing, EUR150,000 by May 31, 2024, and EUR210,000 by July 31, 2024.

On Wednesday, Farmacosmo closed 2.9 percent in the red at EUR0.99 per share.

By Claudia Cavaliere, Alliance News reporter

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