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Home Industry News Meda signs agreement to purchase Recip

Meda signs agreement to purchase Recip

29th October 2007

Meda has announced that it has signed an agreement to purchase Nordic pharmaceutical firm Recip for the sum of 2,650 million Swedish kronor (201.4 million pounds) and 5.7 million newly-issued Meda shares.

As part of the transaction, Meda will acquire all existing sales and organisation, in addition to all product rights and trademarks, including the rights to the Recip name, while the Recipharm production company is not included in the purchase agreement.

Meda forecasts that this acquisition will add sales of 850 million Swedish kronor to its figures during 2008, while offering the firm new product opportunities and significant synergies.

Anders Lonner, chief executive officer at Meda, said: “Meda and Recip have the same magnitude of sales on the Nordic market.

“The acquisition strengthens our position on our home market both when it comes to organisation and products.”

He added that the existing product portfolio and research and development pipeline of Recip provides positive opportunities to the firm, with Meda hoping to realise annual sales of one billion Swedish kronor in Recip products by 2009.

In August 2007, Meda completed its strategic acquisition of US-based firm MedPointe for the sum of 5,229 million Swedish kronor, facilitating its entry into the American market.

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