Recordati acquires Tunisian pharmaceutical company Opalia Pharma
Another step forward in strategy to increase business in emerging markets, including Central Africa and the Gulf
Recordati, an Italian pharmaceutical group, has agreed to buy 90% of the share capital of Opalia Pharma, a Tunisian pharmaceutical company with headquarters in Ariana, a suburb of Tunis.
The deal is valued at around €37m and will be funded from existing liquidity. Completion is expected to take place in the next few months and is subject to approval by the Tunisian authorities.
Opalia Pharma, established in 1988, markets branded generic drugs with leading products in dermatology and in the gastrointestinal and respiratory therapeutic areas. The firm manufactures most of its products in a cGMP certified production facility specialising in liquid and semi-solid forms. The company employs 322 people. 2013 sales are expected to be around €18.5m.
‘The acquisition of Opalia Pharma is another step forward in our strategy to increase our business in the emerging markets,’ said 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, set up in 1926, has more than 3,300 staff dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, the firm has operations in the main European countries, in Russia, in other Central and Eastern European countries, in Turkey and in the US. The firm operates in a number of therapeutic areas including a specialised business dedicated to treatments for rare diseases. Recordati is also involved in the research and development of new drugs in the cardiovascular and urogenital therapeutic areas. Consolidated revenue for 2012 was €828.3m, operating income was €167m, with net income of €118.5m.
