Global law firm Dentons has advised Biofarm S.A., a leading Romanian pharmaceutical company listed on the Bucharest Stock Exchange, and its majority shareholders, Longshield Investment Group S.A. and Lion Capital S.A., on the acquisition of Biofarm by Zakłady Farmaceutyczne Polpharma S.A. through a voluntary public takeover offer.
Under the implementation agreement signed on May 6, 2026, Polpharma agreed to launch a voluntary public takeover offer for all shares in Biofarm, while Longshield and Lion Capital, which together held approximately 88.4% of Biofarm’s share capital, undertook to tender all of their shares. The offer was approved by the Romanian Financial Supervisory Authority and settled on July 20, 2026.
The offer price of RON 1.379 per share, representing a total equity value of approximately €270 million, makes this one of the most significant public M&A transactions in Romania in recent years and one of the largest in Romania's pharmaceutical sector.
Founded in 1921, Biofarm is one of Romania’s leading pharmaceutical companies, with a broad portfolio of products across multiple therapeutic areas and longstanding operations in manufacturing, testing and product development.
Founded in 1935, Polpharma is a leading Polish pharmaceutical manufacturer with operations across Central and Eastern Europe and a portfolio spanning prescription medicines, consumer healthcare and active pharmaceutical ingredients.
A cross-border Dentons team, co-led by partners Loredana Chitu in Bucharest and Kamran Pirani in Budapest, advised on all aspects of the transaction, including the English law-governed implementation agreement and Romanian takeover and capital markets matters.
The deal team included associates Brigitta Kovacs in Budapest and Abbey Varns in Prague, senior associate Alin Roca and associate Bogdan Galatanu in Bucharest, as well as partner Neil McKnight and associate Alex Williams in London. The wider Dentons team included counsel Sebastian Ishiguro in Budapest, partner Bogdan Papandopol in Bucharest, and partner Jakub Celinski and senior associate Paulina Galewska in Poland.
“We are proud to have assisted our clients on this landmark transaction and thank them for their trust in our M&A team. The acquisition is a strong example of a negotiated M&A deal being implemented through the public markets”, said Loredana Chitu, partner in Dentons’ Bucharest office.
“We are delighted to have brought together Dentons’ cross-border capabilities to support the clients through every stage of the process”, said Kamran Pirani, partner in Dentons’ Budapest office.
