Recipharm: Buys MITIM, contributing positively to the results of Q2 2016
2016-02-24 06:00
(Resending of the news sent by the Stockholm Stock Exchange closing) (SIX) Recipharm announces today that it has entered into an agreement to acquire the Italian CDMO company MITIM which today is owned by a Italian family. It is clear from a press release. The transaction has an enterprise value of 68 million euros, the equivalent SEK 640 million. 2015 MITIM had pro forma revenues of EUR 42.5 million, which would have represented an increase of Recipharm's total revenues for 2015 by almost 12 percent. The acquisition is projected to contribute positively to both the EBITDA margin and earnings per share from the second quarter in 2016. The transaction costs of about 4 million influence the first quarter results. Some of the sellers will subscribe for a new share 1,039,724 B shares in Recipharm valued at 14 million euros, equivalent to about 2 percent of the share capital. The shares will be locked for 12 months. The acquisition will be paid with available funds, according to the company Furthermore, and no additional funding will be required. A presentation including an opportunity to ask questions, to be held immediately after the presentation of the report for 2015 10:00 CET, in the morning on 24 February. MITIM specializes in filling of injectable betalaktamprodukter and are in Brescia, close to Recipharm's existing operations in northern Italy. The acquisition will be completed tomorrow, 24 in February 2016. The company's sales aimed at the US and European markets. Anna Sundstrom, 08 5861 6376 mailto: anna.sundstrom@six-group.se www.blogg.six.seSIXNyheter SIX News
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