Bulgaria’s Tchaikapharma High Quality Medicines [BUL:7TH] intends to build a third manufacturing plant in the country, as it expects its existing facilities to reach their output limit in the next 1-2 years due to the increased demand and planned expansion in new markets, it said.
For the purpose of building the new plant, Tchaikapharma is seeking the approval of its shareholders to acquire a plot of land from local drug wholesaler Commercial League – Global Pharma Center for 14.85 million levs ($8.25 million/7.59 million euro), Tchaikapharma says in documents filed with the commercial register on Tuesday.
The 50,986 sq. m. land plot is located in the village of Kazichene lying on the eastern outskirts of Sofia.
The shareholders’ vote is scheduled for June 22.
The new plant will enable Tchaikapharma to increase its output to 950 million tablets per year from 450 million tablets at present. The company plans to complete the construction of the new plant by 2022 and achieve 93% workload of its facilities by 2026.
Tchaikapharma has long term agreements for supplying its products to companies in the Czech Republic, Germany, Slovakia, as well as Kosovo and Yemen. The drug maker is in advanced talks with companies from several other EU member states for agreements expected to be signed by the end of 2020.
Tchaikapharma has production plants in Plovdiv and Varna and a portfolio of some 160 products.