Recordati, an international pharmaceutical group, has acquired Laboratorios Casen Fleet, a Spanish pharmaceutical company headquartered in Madrid with production facilities in Zaragoza. The transaction is valued at $123.3 million and will be funded from existing liquidity.

Casen Fleet primarily markets internally developed drugs principally in gastroenterology in Spain and Portugal through its own organization and in other countries through partners. Approximately 55% of revenue is generated by a line of products used in the preparation for colonoscopy. The main product is Citrafleet, already marketed by Recordati in Germany. The company’s product portfolio also comprises oral rehydration products, probiotics and OTC brands for gynecological use.