Recordati enters Romanian market with acquisition of ArtMed for 1.2 million euros; UCB ups stake in WILEX

Italian drugmaker Recordati says it has acquired ArtMed International, a Romanian company dedicated to the promotion of pharmaceutical products in Romania, along with the rights to the products currently being promoted by ArtMed. The price paid is 1.2 million euros ($1.5 million) plus an earn-out based on the gross profit of the five products under license.

ArtMed has been present on the Romanian pharmaceutical market since 2005 and was one of the first independent companies to offer integrated marketing and promotional services for prescription and over-the-counter medicines throughout the territory. ArtMed has a staff of 24 employees dedicated to marketing and medical information activities directed at physicians and pharmacists. The medicines which are currently promoted are indicated prevalently for disorders resulting from nutrition deficiencies in addition to Revada (diosmin) which is prescribed for venous insufficiency and other indications.

Headquartered in Milan, Recordati already has operations in France, Germany, Greece, Ireland, Italy, Portugal, Russia and other CIS countries, Spain, Turkey, the Czech Republic and Slovakia and the UK. Recordati has been listed on the Italian Stock Exchange since 1984. The firm's consolidated revenue for 2009 was 747.5 million euros, with pharmaceutical revenues of 720.6 million euros and net income for last year reported as 110.6 million euros.