West Cork pharmaceutical firm Rowex sold to Swiss giant Sandoz

Based in Bantry, the firm supplies several prescription and over-the-counter medications to the Irish market

Sandoz has now acquired the remaining shares in Rowex, with the takeover resulting in the Swiss firm's full expansion into the market as a wholly-owned business in Ireland.

Long-standing West Cork pharmaceutical firm, Rowex has been taken over by Swiss giant, Sandoz, for an undisclosed amount.

Established in 1993, Rowex supplies several over-the-counter (OTC) and prescription medications for the Irish market, including Cetrine, Diclac, Acic and Brupro. 

Based in Newtown in Bantry, the pharmaceutical firm was a joint venture between one of the world's largest generic and biosimilar companies, Sandoz, headquartered in Basel, Switzerland and German-based Rowa Pharmaceuticals. 

However, Sandoz has now acquired the remaining shares in Rowex, with the takeover resulting in the Swiss firm's full expansion into the market as a wholly-owned business in Ireland. 

Previously part of pharma giant, Novartis, Sandoz became an independent company in October last year through a 100% spin-off. Speaking at the time, chief executive of Novartis, Vas Narasimhan called it a "historic moment" for the company, adding that Sandoz started out from a position of strength following several consecutive quarters of sales growth.

Advising the transaction, Neil Keenan of Pinsent Masons called it a "significant strategic acquisition in the Irish healthcare market."

"Sandoz has ambitious plans to grow the Rowex business and arising from this transaction our client sees a huge opportunity for the Irish healthcare system to have better access to more affordable medicines improving patient health in the Irish healthcare system."

In its most recent financial statement, Rowex posted a turnover of more than €28m, with pre-tax profits of €4.5m.