Recordati acquires Poland's Farma-Projekt
Italian drugmaker Recordati (RC: MI) said yesterday that it has signed an agreement to acquire 100% of the share capital of Farma-Projekt Sp zoo, a Polish pharmaceutical company with headquarters in Krakow.
The value of the transaction (enterprise value) is of 71.0 million zlotys ($21.3 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, which was established in 2011.
Farma-Projekt has been operating 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 47 million zlotys.
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