Milan - Recipharm AB today announces that it has entered into an agreement to acquire Italian CDMO, Mitim Srl for SEK 640 million. The transaction was completed on February 24, 2016 and adds scale and capabilities to the group.
Mitim, located in Brescia, Italy, is currently owned by a private Italian family and is specialized in the filling of injectable beta lactam products.The acquisition of Mitim consolidates Recipharm’s leading position as a CDMO (Contract Development and Manufacturing Organization) and adds an important new technology with FDA inspected facilities. The transaction complements Recipharm’s existing Italian operations with a number of commercial and operational synergies and provides a substantial US presence.
The transaction is valued to an Enterprise Value of EUR 68 million (SEK 640 million), the equivalent of approximately 8 times pro forma 2015 EBITDA.
Thomas Eldered, CEO Recipharm AB, commented: “This acquisition is very exciting for Recipharm and represents an important step in our consolidation of the CDMO industry. The transaction also cements our leading position in beta lactam production and provides Recipharm not only with additional scale but also opportunities to realize commercial and operational synergies as we combine it with our existing Italian business”.
Giorgio Bruno, CEO of Recipharm Italia S.p.A added: “We very much look forward to welcoming our new colleagues in Mitim to the Recipharm group. I am confident with their help and experience; we will continue to grow the business from our now substantial Italian platform.”
Recipharm has retained Gatti Pavesi Bianchi as legal advisors and EY as financial advisors for this transaction. The sellers have retained Roedl & Partner as legal advisor and CMC Consulting Group as financial advisors for this transaction.
About Mitim Srl
Mitim is a pharmaceutical contract manufacturing company located in Brescia, Northern Italy. Their product portfolio includes beta lactams in dry sterile powder for injectable solutions, tablets and oral suspensions. Other products include injectable sterile solutions, oral solids and liquids, as well as, semi-solids. The manufacturing site has five production lines and the company completed a significant investment in a new state-of-the-art production line for injectable beta lactams in March 2015. Mitim employs approximately 250 people.
About Recipharm AB
Recipharm is a leading CDMO in the pharmaceutical industry employing some 2,500 employees. Recipharm offers manufacturing services of pharmaceuticals in various dosage forms, production of clinical trial material including API and pharmaceutical product development. Recipharm manufactures several hundred different products to customers ranging from Big Pharma to smaller research and development companies. Recipharm’s turnover is approximately SEK 3.4 billion and the Company operates development and manufacturing facilities in Sweden, France, the UK, Germany, Spain, Italy, Portugal and Israel and is headquartered in Jordbro, Sweden. The Recipharm B-share (RECI B) is listed on NASDAQ Stockholm.
About CMC Consulting Group
CMC Consulting Group is an international firm providing integrated transaction advisory, management consulting, medical affairs advisory and innovation research to companies in the healthcare and life science industries. Our clients receive the knowledge, expertise and value-added guidance of both a strategy and medical affairs consulting firm and an investment bank combined into one industry specialist. With offices in the United States and throughout Europe, CMC complements global industry knowledge with rich local market insight.