Oct. 16 – Recordati announces the signature of the agreements covering the acquisition of all rights to five product lines on the Russian and CIS market: Alfavit, Qudesan, Vetoron, Focus and Carnitone. The value of the transaction, which will be funded from existing liquidity, is of RUB 2.7 billion. The brands of the products acquired, all OTC pharmaceuticals and dietary supplements, are very well known in Russia. The Alfavit product line in particular comprises a wide range of formulations containing vitamins and minerals and holds a leading position on the market. Qudesan is based on coenzyme Q10, an adjuvant for cardiac function, promoted for the prevention and treatment of chronic fatigue and metabolic dysfunction. The key ingredient in Vetoron is beta-carotene, Focus contains bilberry anthocyanins and lutein for eye health and Carnitone is a source of L-carnitine. Total annual sales of the five product lines are of around RUB 1.0 billion. Recordati will also enter into cooperation agreements with Akvion group to continue manufacturing the acquired products and for commercial development. “The acquisition of these well-known brands will strengthen our business in Russia and the other CIS countries, the largest market in Central and Eastern Europe. This segment of the Russian pharmaceutical market has been growing on average by 12% over the last five years” declared Giovanni Recordati, Chairman and CEO. “The acquisition of these products will enable us to add 50 people to our exclusive pharmacy dedicated sales organization, thus completing our current 150 strong field force which is dedicated to the promotion of our prescription products to physicians.”
