Recordati acquires Italian pharma firm Italchimici for €130m

Will grow its pharmaceutical portfolio in the gastroenterological and respiratory areas

Recordati has purchased Italchimici, an Italian pharmaceutical company with operational headquarters in Milan, from private equity firm Progressio SGR and from the managers of the company for €130m.

Italchimici, with more than 40 years of history and revenues in 2015 of €46m, is a consolidated firm in the Italian pharmaceutical market with well-known products. The company offers therapeutics mainly in the gastroenterological and respiratory areas, which consist of pharmaceutical products, food supplements and medical devices. The main brands are Reuflor, Peridon and Lacdigest in the gastroenterological offering and Aircort among the respiratory products.

Giovanni Recordati, Chairman and CEO of Recordati, also an Italian pharmaceutical group, said the acquisition 'represents an excellent opportunity to accelerate growth within the group, and in particular in the Italian market, with an interesting portfolio of well-known products that have significant market shares'.

He added that Recordati is developing a growing presence in the area of gastroenterology and the consolidated Italchimici brands 'represent a valid complement to our current portfolio'.

Filippo Gaggini, CEO of Progressio, said: 'Thanks to extraordinary managers such as Riccardo Zagaria (CEO), Emanuele Loiacono (Commercial Director), Barbara Mazza (Strategic Marketing Director) and Riccardo Baraldi (CFO), we have been able to complete a very interesting transaction in the pharmaceutical sector. Once again we have shown how important it is in the management of a fund to be able to identify, with the support of quality managers, companies with solid fundamentals and development potential.'