Recordati, a European pharmaceutical group based in Milan, Italy, has agreed to acquire 100% of the share capital of Farma-Projekt, a Polish pharmaceutical company, for $21.5 million.

Farma-Projekt, which earned $14.2 million in sales last year, has operated on the Polish pharmaceutical market since 2003. The company employs 135 personnel and markets cardiovascular and urological treatments, as well as dietary supplements.

“The acquisition of Farma-Projekt is another step forward in our strategy to increase our business in the Central and Eastern European markets which are growing at interesting rates” said Giovanni Recordati, chairman and CEO of Recordati. “Poland has a large population and currently a strong demand for pharmaceuticals. The Polish pharmaceutical market is the second largest in Central and Eastern Europe and in the last five years has been growing at an average annual rate of 6.8%. In particular, the market for self-medication products has grown at an average rate of 11.2% per year.”

Recordati is already present in Poland with its subsidiary Recordati Polska which it established in 2011. The addition of Farma-Projekt will increase it’s presence in Poland.

The transaction is expected to close in the following months.