Recipharm to acquire Italy's Mitim

24 February 2016

Swedish contract development and manufacturing organization Recipharm (STO: RECI) has entered into an agreement to acquire Italian CDMO Mitim Srl, adding scale and capabilities to the group, which will complete today.

Mitim is currently owned by a private Italian family and is specialized in the filling of injectable beta lactam products. It is located in Brescia close to Recipharm’s existing operations in Northern Italy. The transaction will complete tomorrow, 24th February 2016.

The transaction has an enterprise value of 68 million euros ($75 million), equivalent to around 8 times pro forma 2015 earnings before interest, taxes, depreciation and amortization (EBITDA).

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