Italy’s Recordati says it has acquired Herbacos-Bofarma, a Czech pharmaceutical company which it describes as being “very solid financially”.

The Milan-headquartered firm is paying 19 millon euros for the Pardubice-based firm which operates in the Czech and Slovak markets. Recordati says that the firm has “a significant portfolio of medicines in various therapeutic classes”, comprised mainly of analgesic, anti-inflammatory and dermatological products.

Herbacos-Bofarma has 100 staff, 35 of whom work in sales and marketing. Turnover has ‘increased consistently over recent years”, Recordati said, and for 2008 are expected to be in the region of 12 million euros.

Chief executive Giovanni Recordati said that the acquisition of Herbacos-Bofarma “represents a further step in our strategy of building a direct presence in central and eastern Europe". He went on to declare that the economies of the Czech Republic and Slovakia “are among the most dynamic in this area and the relative pharmaceutical markets are among the most evolved”.

He concluded by saying that Herbacos-Bofarma, with a market share of around 2% in terms of volumes, “is well-positioned to act as a platform for launching the new products in our pipeline in the Czech and Slovak markets”.