Milan, 14 July 2016 – Recordati announces that it has acquired 100% of the share capital of Pro Farma AG, a Swiss pharmaceutical company based in the canton of Zug. The transaction, the enterprise value of which is CHF 16 million, will be financed entirely with available liquidity. The signing and closing of the transaction took place simultaneously.
Pro Farma, with an expected turnover of approximately CHF 10 million for 2016, markets proprietary or licensed medicinal products in selected therapeutic areas, both ethical and self-medication. The main brands are Lacdigest (tilactase), Tretinac (isotretinoin), and Urocit (potassium citrate). In addition, the company has a distribution business and promotion services on behalf of other pharmaceutical companies.
“The acquisition of Pro Farma represents an excellent basis on which to establish our operational activity in Switzerland where Recordati has recently started to directly market its product Livazo (pitavastatin)” declared Giovanni Recordati, Chairman and Chief Executive Officer. “Furthermore, the flagship product Lacdigest further helps to strengthen our presence in the area of gastroenterology.”
Register (Reuters RECI.MI, Bloomberg REC IM), founded in 1926, is an international pharmaceutical group, listed on the Italian Stock Exchange (ISIN IT 0003828271), with approximately 4,000 employees, dedicated to research, development, production and marketing of pharmaceutical products. It is headquartered in Milan, and has operational activities in the main European countries, in Russia and in the other countries of Central and Eastern Europe, in Turkey, in North Africa and in the United States of America. An efficient network of drug sales representatives promotes a wide range of innovative drugs, both original and licensed, belonging to different therapeutic areas including an activity specialized in rare diseases. Recordati offers itself as a reference partner for the acquisition of new licenses for its markets. Recordati is engaged in the research and development of innovative drugs for the genitourinary area and also of therapies for rare diseases. Consolidated revenues in 2015 amounted to EUR 1,047.7 million, operating income amounted to EUR 278.5 million and net income amounted to EUR 198.8 million.
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