Recordati announces that it has been concluded successfully the acquisition of 100% of the capital of Laboratorios Casen Fleet SLU, a Spanish pharmaceutical company based in Madrid and production plant in Utebo, Zaragoza. The value of the transaction (enterprise value) is 93 million euros, of which 89,5 million euros were paid at the closing.
Casen Fleet markets mostly in-house developed products, predominantly in the gastroenterology therapeutic area, in Spain and Portugal through its own organizations and in other countries through licensing agreements. Approximately 55% of revenues are generated by the colonoscopy prep product line.
The main product of this line is Citrafleet, already marketed by Recordati in Germany. The company's product portfolio also includes oral rehydration formulations, probiotics and over-the-counter medicines with gynecological indications. Approximately 80% of revenues come from sales to private individuals in pharmaciesnot subject to public reimbursement. Casen Fleet develops and manufactures most of its medicines in its own factory in Utebo, Zaragoza, which covers a total area of 23.165 m2. The company has about 230 employees and sales in 2012 of 45,3 million euros.
