Italian pharmaceutical group Recordati has snapped up two European pharmaceutical companies in just over six weeks, bolstering its presence in both its homeland and Switzerland.
The firm sealed a deal with independent family-owned Swiss firm Pro Farma last week that was valued at CHF16m and will add to its portfolio the acne treatment Tretinac (isotretinoin) and kidney stone therapy Urocit (potassium citrate).
Recordati’s burgeoning gastroenterology pipeline will also receive a boost from the transaction thanks to the addition of lactose intolerance drug Lacdigest (tilactase).
With expected 2016 revenues of around CHF10m, chairman and chief executive Giovanni Recordati said that Pro Farma “represents an excellent base on which to develop our operations in Switzerland”.
The Italian firm has already launched its own oral treatment for disorders of lipoprotein metabolism, Livazo (pitavastatin), on the Swiss market, having been approved for use in adults by the European Commission earlier this year.
That acceptance was conditional, however, on an investigation into the long-term effects of the drug on children between 6 and 18 years of age – including safety concerns.
Italchimici acquisition
Meanwhile, Recordati finalised a €130m deal to buy Italian firm Itachimici at the end of May.
That acquisition bolstered the firm’s growing gastroenterology pipeline too, and also included respiratory candidates and products described by Mr Recordati as “a valid complement to our current portfolio”.
He added: “The acquisition of Italchimici represents an excellent opportunity to accelerate growth within the group, and in particular the Italian market, with an interesting portfolio of well-known products that have significant market shares.”