Recordati has announced the signing of an agreement to acquire Eusa Pharma, a UK-based global specialist pharmaceutical company focused on niche rare diseases and oncology and controlled by funds managed by EW Healthcare Partners.
The transaction has an enterprise value of 750 million; the payment of the consideration will be financed through existing liquidity and a bridge loan fully subscribed by JP Morgan and Mediobanca, reports a note. The target company closed the 12 months prior to 30 June 2021 with 130 million in net revenues and a net debt of 26 million.
The transaction – it is added – will provide Recordati with a portfolio of pharmaceutical products for rare diseases which is expected to contribute in 2023 with revenues of over 150 million and a mol of 50 million.
The closing is subject to regulatory authorizations and is expected to take place in the first half of 2022. The transaction does not change Recordati’s dividend policy; confirmed the payout ratio at 60% of the consolidated net profit, concludes the company.