Spain's Esteve expands presence in Europe with German acquisition

Family-controlled Spanish pharma company Esteve today announced the signing of an agreement to acquire 100% of the shares of specialty pharmaceutical company Riemser Pharma from Ardian, a leading independent investment company.

Financial terms of the proposed transaction, which is expected to close in the current quarter, were not disclosed. However, when Ardian launched the sale of Riemser Pharma in March 2018, people close to the matter put a valuation of more that 400 million euros ($447 million at current exchange rates) on the deal.

The product portfolio of the Berlin, Germany-based company Riemser includes the three main therapeutic areas of oncology, neurology and niche therapies. Riemser operates a manufacturing facility for pharmaceuticals in Germany and the five major European countries has maintained an office or a subsidiary in four: Germany, Britain, France and Spain. About 80% of sales redeemed Riemser with products for clinical applications, most notably specialty pharmaceuticals and a wide range of drugs for therapeutic niche areas.