MILAN, ITALY--(Marketwire - December 23, 2008) -
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RECORDATI FINALIZES ITS ACQUISITION OF YENI ILAÇ IN TURKEY
Milan, 23 December 2008 - Recordati announces the successful conclusion of its acquisition of Yeni Ilaç, a Turkish pharmaceutical company with headquarters near Istanbul, disclosed on 29 October last, following clearance from the relevant competition authorities. The price paid is of EUR 48 million.
Yeni Ilaç is a well known Turkish pharmaceutical company dedicated to the production, marketing and sales of both proprietary and licensed drugs. Its products are well known and the company has a leading market position in the area of urology. The company is also engaged in contract manufacturing for other pharmaceutical companies. Yeni Ilaç employs 300 personnel, of which around 100 are medical representatives. The company is very solid financially and sales have increased constantly over recent years and in 2008 are expected to be around EUR 17 million. Operating profit margins are positive and in line with group margins. The balance sheet of the acquired company will be consolidated in the Recordati group financial statements at 31 December 2008 while the income statement will be consolidated as from 1 January 2009.
Recordati, established in 1926, is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271),with a total staff of over 2,400, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. It has headquarters in Milan, Italy, operations in the main European countries, and a growing presence in the emerging markets of Eastern Europe. A European field force of over 1,300 medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas including a specialized business dedicated to treatments for rare diseases. Recordati’s current and growing coverage of the European pharmaceutical market makes it a partner of choice for new product licenses from companies which do not have European marketing organizations. Recordati is committed to the research of new drug entities within the cardiovascular and urogenital therapeutic areas in which its research team has proven scientific competence and a track record of discovery and development of original drugs, the most recent of which, lercanidipine, a latest generation calcium channel blocker for the treatment of hypertension, is the company’s leading product. Consolidated revenue for 2007 was EUR 628.4 million, operating income was EUR 131.5 million and net income was EUR 84.9 million.
For further information:
Recordati website: www.recordati.com
Investor Relations
Marianne Tatschke
(39)0248787393
e-mail: inver@recordati.it
Media Relations
Claudio Rossetti (Echo Comunicazione d’Impresa)
(39)02 62694736
e-mail: crossetti@echocom.it
Statements contained in this release, other than historical facts, are “forward-looking statements” (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available information, on current best estimates, and on assumptions believed to be reasonable. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company’s control. Hence, actual results may differ materially from those expressed or implied by such forward-looking statements. All mentions and descriptions of Recordati products are intended solely as information on the general nature of the company’s activities and are not intended to indicate the advisability of administering any product in any particular instance.
This information is provided by HUGIN
