Recordati announces new acquisitions

Recordati has announced that it has signed an agreement for the purchase of two pharmaceutical plans as part of its expansion in Europe.

The firm has announced the plans to acquire French companies FIC and FIC Medical.

Both firms are committed to the registration and promotion of drugs on behalf of third parties in Russia and other countries in the Commonwealth of Independent States (CIS).

FIC Medical has its headquarters in Paris, while it also boasts a presence in Russia, Belarus, Georgia, Kazakhstan and Ukraine, with plans to move into Armenia and Azerbaijan.

Giovanni Recordati, chairman and chief executive officer of Recordati, said: “In 2007 Recordati’s sales in the CIS countries through the services of FIC Medical are 13.7 million euros (10.5 million pounds), and increased significantly over the preceding year.

“We expect significant sales growth in coming years due also to the enhancement of the product portfolio through the launch of Recordati?s new original products.”

He added that Russia is now the seventh largest pharmaceutical market in Europe with an annual growth rate of 25 per cent over the past five years.

Earlier this month, Recordati announced a 9.1 per cent increase in consolidated revenue during 2007, with a 10.5 per cent increase in pharmaceutical sales.