Recordati purchases Czech company

Recordati has announced the purchase of Czech pharmaceutical company Herbacos-Bofarma.

The deal – for approximately 19 million euros (17.57 million pounds) – was funded from existing liquidity.

Commenting on the acquisition, Giovanni Recordati, chairman and chief executive officer of Recordati, said the agreement was a “further step” in the organisation’s strategy of building a presence in central and eastern Europe.

He continued: “The economies of the Czech Republic and Slovakia are among the most dynamic in this area and the relative pharmaceutical markets are among the most evolved.”

Mr Recordati added the purchased business has a two per cent market share in volumes and is “well positioned” to be a platform that would launch products in its pipeline.

Last month, the company said its takeover of Turkish organisation Yeni Ilac – which was originally disclosed on October 27th 2007 – had been finalised.

The price paid by Recordati in the deal for the Istanbul-based business was 48 million euros.