(Aug. 2) – Recordati has announced the signature of the agreements covering the acquisition of 100% of the share capital of Farma-Projekt Sp. z o.o., a Polish pharmaceutical company with headquarters in Krakow. The value of the transaction (enterprise value) is of PLN 71.0 million and will be funded from existing liquidity. The closing of the transaction, expected to take place in the following months, is subject to certain conditions. Recordati is already present in Poland with its subsidiary Recordati Polska Sp. z o.o. established in 2011. Farma-Projekt operates on the Polish pharmaceutical market since 2003 and markets drugs belonging to a variety of therapeutic areas, mainly cardiovascular and urological treatments as well as dietary supplements. The company employs around 135 personnel, of which 84 are dedicated to sales and marketing. Sales in 2011 were of around PLN 47 million. “The acquisition of Farma-Projekt is another step forward in our strategy to increase our business in the Central and Eastern European markets which are growing at interesting rates”, declared Giovanni Recordati, Chairman and CEO. “Poland has a large population and currently a strong demand for pharmaceuticals. The Polish pharmaceutical market is the second largest in Central and Eastern Europe and in the last five years has been growing at an average annual rate of 6.8%. In particular, the market for self-medication products has grown at an average rate of 11.2% per year.” (red)
