Sanochemia rebounds after Burgenland stake stabilises company

Sanochemia, a pharmaceutical company in Neufeld, has regained financial stability after several turbulent years, ORF reported. A new MRI contrast agent already being used at Eisenstadt Hospital is seen as a symbol of the company’s recovery.

The company is also seeking European approval for another product used in imaging lymph node metastases in patients with prostate cancer.

“The approval of our liver-specific MRI contrast agent was an important step. Now it is about taking further major steps with our portfolio, opening up additional markets and keeping the Neufeld location competitive in the long term,” managing director Thomas Erkinger said.

He added that current conditions remained difficult.

Sanochemia required financial support in 2020, when the company employed about 120 people and was in financial difficulty. The province of Burgenland and two other strategic shareholders provided assistance to secure the company’s location.

Three years later, Burgenland sold its stake for a profit of about 2 million euros. Sanochemia is now privately run again and employs about 200 people.

“Without the intervention of the province, the company would not exist in its current form today. It is now moving forward again under private ownership. This shows how important active public-sector policies to secure business locations can be,” Burgenland Governor Hans Peter Doskozil of the Social Democratic Party said.