Wednesday, July 24, 2013

Recordati Acquires The Tunisian Pharmaceutical Company Opalia Pharma

Recordati has acquired 90% of the share capital of Opalia Pharma S.A., a Tunisian pharmaceutical company with headquarters in Ariana, a suburb of Tunis. The value of the transaction (enterprise value) is of TND 80 million (around EUR 37 million) and will be funded from existing liquidity. The closing of the transaction, expected to take place in the following months, is subject to prior approval by the Tunisian authorities. 

Opalia Pharma was established in 1988, ranks eighth in the Tunisian pharmaceutical market and is the third largest local pharmaceutical company. The company markets branded generic drugs with leading products in dermatology and in the gastrointestinal and respiratory therapeutic areas. Opalia manufactures most of its products in a modern, cGMP certified production facility specialized in liquid and semi-solid forms. 

 The company employs 322 people and sales in 2013 are estimated to be of around TND 40 million (around EUR 18.5 million). "The acquisition of Opalia Pharma is another step forward in our strategy to increase our business in the emerging markets" declared Giovanni Recordati, Chairman and CEO. "Recordati is already generating significant and growing revenue from its export sales in the North African countries. This acquisition represents a strategic platform to establish a direct presence in this area with the objective of extending coverage also to countries in Central Africa and in the Gulf states."

Recordati, established in 1926, is an international pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), with a total staff of over 3,300, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, Recordati has operations in the main European countries, in Russia, in other Central and Eastern European countries, in Turkey and in the United States of America.  A field force of more than 1,700 medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas including a specialized business dedicated to treatments for rare diseases. Recordati is a partner of choice for new product licenses for its territories.  Recordati is committed to the research and development of new drug entities within the cardiovascular and urogenital therapeutic areas and of treatments for rare diseases.  Consolidated revenue for 2012 was EUR 828.3 million, operating income was EUR 167.0 million and net income was EUR 118.5 million.





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