Investments, Latvia, Markets and Companies, Medicine, Mergers and take-overs

Ivanovs pointed out that this transaction will threaten the company's further operations in Latvia. Last year, Valeant purchased Lithuanian pharmaceutical company Sanitas; a majority of the company's products is already produced outside Lithuania, while the company's production equipment is being sold, writes LETA.

The businessman explained that Silvanols current shareholders intend to sell the company without consulting with other shareholders. There are currently four majority shareholders – Agris Auce, Ieva Leimane, Gints Pilsmanis and Ugis Kletnieks, owning 23.5% of Silvanols shares each, as well as two minority shareholders.

As reported, on June 27, the Riga Latgale District Court launched insolvency proceedings against Silvanols.

According to information on the Insolvency Administration's homepage, Silvanols insolvency claim was filed by Roualds Zeseris.