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Galenica plans Sante unit IPO in Q2, says 2016 profit slipped 19 pct
March 14, 2017 / 7:02 AM / 6 months ago

Galenica plans Sante unit IPO in Q2, says 2016 profit slipped 19 pct

March 14 (Reuters) - Swiss drugmaker Galenica said on Tuesday it expects the planned initial public offering of its Sante pharmacy unit IPO-GALS.S to be completed in the second quarter of 2017 as it splits itself into two separate units.

The company announced plans to divide the group in December 2015 to develop its Sante unit, including Amavita and Sun Store pharmacy outlets, and its Vifor Pharma drug unit, which focuses on iron deficiency treatment, into independent listed companies.

Galenica also said its 2016 full-year net profit after deduction of minority interests fell 19.1 percent to 243.6 million Swiss francs ($241.50 million), saying its acquisition of U.S.-based Relypsa last year had a negative impact on the group’s results.

Galenica bought Relypsa for $1.53 billion to strengthen its Vifor drugs unit ahead of the company split.

The Swiss maker of Perskindol muscle cream also said it intends to propose a dividend of 20 francs a share for the years 2017, 2018 and 2019. ($1 = 1.0087 Swiss francs) (Reporting by Anna Serafin; Editing by Biju Dwarakanath)

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