Recordati acquires Tunisian drugmaker

Italian drugmaker Recordati (RC: MI) has singed announces the signature of the agreements covering the acquisition of 90% of the share capital of Opalia Pharma, a Tunisian pharmaceutical company with headquarters in Ariana, a suburb of Tunis.

The value of the transaction (enterprise value) is of 80 million dinar (around $48 million, 37 million euros) and will be funded from existing liquidity. The closing of the transaction, expected to take place in the following months, is subject to prior approval by the Tunisian authorities.

Opalia Pharma was established in 1988, ranks eighth in the Tunisian pharmaceutical market and is the third largest local pharmaceutical company. The company markets branded generic drugs with leading products in dermatology and in the gastrointestinal and respiratory therapeutic areas. Opalia manufactures most of its products in a modern, current GOOD Manufacturing Practice (cGMP) certified production facility specialized in liquid and semi-solid forms. The company employs 322 people and sales in 2013 are estimated to be of around TND 40 million dinar.