Monday, September 9, 2013

Recordati to acquire Spanish pharmaceutical company Laboratorios Casen Fleet

Recordati will acquire 100% of the share capital of Laboratorios Casen Fleet S.L.U., a Spanish pharmaceutical company with headquarters in Madrid and production facilities in Utebo, Zaragoza. The value of the transaction (enterprise value) is of € 93 million and will be funded from existing liquidity. The transaction values Laboratorios Casen Fleet at 2 times sales. The closing of the transaction is expected to take place in the following weeks.

Casen Fleet primarily markets internally developed drugs principally in the gastroenterological therapeutic area in Spain and Portugal through its own organisation and in other countries through partners. Approximately 55% of revenue is generated by a line of products used in the preparation for colonoscopy. The main product in this line is Citrafleet®, already marketed by Recordati in Germany. The company’s product portfolio also comprises oral rehydration products, probiotics and OTC brands for gynecological use. Approximately 80% of revenue is generated by private payers and is therefore outside public healthcare reimbursement schemes. Casen Fleet develops and manufactures most of its medicines in its own facility in Utebo, Zaragoza, which occupies an area of 23,165 sq. m. The company employs around 230 people and sales in 2012 are € 45.3 million.

“The acquisition of Casen Fleet represents an excellent opportunity to reinforce our presence in Spain and to improve our profitability in this important market, the fifth pharmaceutical market in Europe, as well as to acquire a portfolio of products, and in particular Citrafleet®, with worldwide marketing rights” declared Giovanni Recordati, Chairman and CEO. “This is particularly important for us in view of our growing presence in a number of pharmaceutical markets in and outside Europe.”

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