Recordati has concluded its acquisition of Spanish drugmaker Laboratorios Casen Fleet in a deal valued at 93 million euros.
Casen Fleet, which has headquarters in Madrid and production facilities in Utebo, Zaragoza, develops and markets gastroenterology drugs principally in Spain and Portugal. It employs 230 people and had sales last year of 45.3 million euros, 55% of which comes from a line of products used in the preparation for colonoscopy; the main product in this line is Citrafleet, which is already marketed by Recordati in Germany.
The company also sells oral rehydration products, probiotics and over-the-counter gynaecological brands. Some 80% of Casen Fleet's revenue is generated by private payers ie not through reimbursement schemes.
When the deal was announced (in September), chief executive of the Italian group, Giovanni Recordati, said the acquisition "represents an excellent opportunity to reinforce our presence in Spain and to improve our profitability in this important market", the fifth-biggest in Europe. Earlier this year, the company acquired a 90% stake in Opalia Pharma of Tunisia in a deal valued at around 37 million euros.