Recipharm to acquire Mitim $75M
Thursday, February 25, 2016
Recipharm has acquired Italian CDMO Mitim, adding scale and capabilities to the group. Mitim is currently owned by a private Italian family and is specialized in the filling of injectable beta lactam products.
Mitim is a pharmaceutical contract manufacturing company located in Brescia, Northern Italy. The product portfolio includes beta lactams in dry sterile powder for injectable solutions, tablets and oral suspensions. Other products include injectable sterile solutions, oral solids and liquids as well as semi-solids. The manufacturing site has five production lines and the company completed a significant investment in a new state-of-the-art production line for injectable beta lactams in March 2015. Mitim employs approximately 250 people.
Mitim’s shares will be acquired by Recipharm’s Italian subsidiary, Recipharm Italia. The acquisition is valued at EUR 68 million ($75 million) on a cash and debt free basis, corresponding to approximately 8 x 2015 pro forma EBITDA. The acquisition was paid in already available funds.
Thomas Eldered, CEO Recipharm, said, “This acquisition is very exciting for Recipharm and represents an important step in our consolidation of the CDMO industry. The transaction also cements our leading position in beta lactam production and provides Recipharm not only with additional scale but also opportunities to realise commercial and operational synergies as we combine it with our existing Italian business.”