RD Saúde announced on the morning of Tuesday, March 3rd, the sale of its specialty medicines unit for R$ 600 million, as part of a strategy to strengthen its position in the pharmaceutical retail sector, a new frontier for e-commerce platforms and food retail.
The company announced in a material fact statement that it has agreed to sell 4Bio Medicamentos , which operates in the specialty medicines sector, to Health Ventures, a company of the Profarma Group.
The operation also foresees maintaining a net cash position of R$ 80 million at closing, in addition to adjustments for working capital and net debt. The sale still needs to be approved by the Administrative Council for Economic Defense (Cade).
RD Saúde has maintained its right to recognition of R$ 120 million related to the ICMS (Tax on Circulation of Goods and Services) differential rate (Difal), which already has a favorable ruling from the Supreme Federal Court (STF) . Monetization will occur through the withdrawal of judicial deposits, after the final judgment of the decision.
The amount will be paid in six installments: R$ 100 million upon closing the transaction and five other annual installments of R$ 100 million, adjusted by the CDI (Interbank Deposit Certificate). According to RD Saúde, the transaction will generate an estimated income tax gain of R$ 60 million.
4Bio was acquired by RD in 2015, when the retailer paid R$ 24 million for 55% of the specialty drug company. In 2024, RD acquired 100% of the company as part of its strategy to create a healthcare ecosystem , which involved investments in startups, the creation of joint ventures, and the development of new businesses.
According to RD, over the past 11 years, 4Bio has increased its annual revenue from R$125 million to R$3.4 billion in the 12 months ending in the third quarter.
Despite the results, the market landscape has changed, forcing RD to adopt a back-to-basics strategy to protect its stronghold, the pharmaceutical retail sector, threatened by the arrival of new players competing in a market estimated at R$ 20 billion.
This segment is targeted by supermarket chains. Last year, a Senate committee approved the sale of medicines by the sector, allowing the installation of gondolas, fulfilling a long-standing request.
E-commerce is also making inroads into the pharmaceutical retail sector, putting pressure on the HPC category – hygiene, personal care, perfumery and cosmetics – in recent years.
In September, Mercado Libre made an impact on the segment by acquiring Target , a drugstore chain owned by Memed, a startup from DNA Capital, which has the Godoy Bueno family as an investor. The platform intends to begin operating in the sector this year , through first-party sales.
The sale of 4Bio was also motivated by changes in the specialty drug market. According to RD, the segment has become more commercially dynamic and has margins closer to pharmaceutical distribution than to retail.
"In this context, RD Saúde believes that it is no longer the natural owner of the asset," says an excerpt from the relevant fact disclosed by the company.
With the sale of 4Bio, RD Saúde expects to strengthen its capital structure, reduce net financial expenses, and increase its profitability and ROIC, in addition to reinforcing that its focus is now back on retail.
All of this caused the company to lose more than R$ 20 billion in market value by the end of September, compared to the peak recorded in August 2024.
In 12 months, RD Saúde's shares have accumulated a 35.9% increase, resulting in a market value of R$ 41.3 billion. Around 10:33 AM, the shares were down 2.94%, at R$ 23.76.
