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Recordati completes acquisition of Laboratorios Casen Fleet

Concludes €93m deal for Spanish gastroenterology specialist

Recordati has finalised its €93m deal to acquire Spanish pharmaceutical company Laboratorios Casen Fleet.

The agreement with the Madrid-headquartered gastroenterology specialist generates boosts Recordati's marketing strength in Spain and Portugal and increases its over-the-counter (OTC) footprint.

Around 55 per cent of Laboratorios Casen Fleet's revenues from products to help patients prepare for colonoscopy, led by the oral solution Citrafleet, which Recordati already markets in Germany.

Taking ownership of the company, which last year brought in sales of just over €45m, Recordati also gains access to several OTC gynaecology brands.

Approximately 80 per cent of Laboratorios Casen Fleet's revenue is generated by private payers and is therefore outside public healthcare reimbursement schemes.

In addition to its Madrid offices Laboratorios Casen Fleet also runs production facilities in Utebo, Zaragoza and employs around 230 people.

The deal continues Recordati's strategy of making bolt-on acquisitions. Last year it acquired Turkish pharmaceutical company Frik Ilaç and has followed this up with several further deals.

In January it agreed to pay $100m for a portfolio of products from Danish pharma company Lundbeck and later in the year took a 90 per cent stake in Tunisian pharma firm Opalia.

Article by
Dominic Tyer

22nd October 2013

From: Sales

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