Arterium and Marifarm will jointly look for new opportunities on developing markets and upgrade and exchange know-how and experience, especially in R&D and production of pharmaceuticals, the banks has said in a press release.

While NKBM did not reveal the value of the deal, the Maribor-based daily Večer said on Tuesday that the transaction was unofficially worth EUR 6.8m.

Marifarm was established in 2008 by splitting from the Maribor-based pharmacy chain Farmadent. It has operated with a loss since, primarily due to a major loan taken for the construction of the headquarters, which has been estimated at EUR 32m.

While the company managed to stabilise its operations in recent years, it has not managed to repay the loan regularly, which is why the municipal authorities decided last year to sell it.

NKBM became the majority owner of Marifarm in a debt-to-equity swap in June after the company was declared insolvent by its management.

Arterium Corporation, based in Ukraine, is also present in Kazakhstan, Russia, Belarus, Uzbekistan and Azerbaijan.

It was established in 2005 by leading Ukrainian antibiotics producer Kievmedpreparat and leading producer of herbal medicines Galychpharma.

Arterium Corporation said that it would prepare concrete plans for Marifarm in cooperation with the management and first present them to the employees.