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    REC   IT0003828271

RECORDATI

(REC)
  Report
Delayed Borsa Italiana  -  05/20 11:35:09 am EDT
42.56 EUR   +2.53%
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Recordati Industria Chimica e Farmaceutica S.p.A. agreed to acquire Eusa Pharma (Uk) Limited from Essex Woodlands Management, Inc. for an enterprise value of €750 million.

12/03/2021 EDT

Recordati Industria Chimica e Farmaceutica S.p.A. (BIT:REC) agreed to acquire Eusa Pharma (Uk) Limited from Essex Woodlands Management, Inc. for an enterprise value of €750 million on December 3, 2021. The consideration will be funded via existing liquidity and bridge financing fully underwritten by J.P Morgan and Mediobanca. The closing of the transaction is subject to regulatory clearances and is expected to take place in the first half of 2022. J.P. Morgan Securities plc acted as financial advisor to Eusa Pharma (Uk) Limited. In 2021, EUSA Pharma sales were just over €150 million. Upon closing of the transaction, a consideration of €707.0 million was paid. EUSA Pharma will be consolidated in the Recordati group financial statements as of 31 March 2022 while the income statement will be consolidated as from 1 April 2022. The transaction would provide Recordati with an expanded portfolio of rare disease pharmaceutical products which is expected to contribute in 2022 revenues of over €110 million and EBITDA(2) of around €25 million, with peak sales that are expected to reach total annual of around €250 million, including the potential Qarziba® approval in the US, with going EBITDA margin in line with the average of the current rare disease segment. Non-recurring costs in 2022-2023 are estimated to be approximately €35 million of which approximately €28 million in 2022, related to EUSA Pharma integration and on-going Sylvant® tech transfer from Janssen. Nelson Jung, Dimitri Slobodenjuk, Dimitri Slobodenjuk, Timothy Cornell and Tarica Chambliss of Clifford Chance LLP acted as legal advisor to Recordati Industria. Aprajita Dhundia, Rory Mullarkey, Jiri Peterka, Benjamin Zelouf, Christopher Shield, Ambarish Dash, Phanne Yang, Timothy Lowe, James Seddon, Matthew Sinclair-Thomson and Krista Koskivirta of Kirkland & Ellis LLP acted as legal advisor to Essex.


© S&P Capital IQ 2021
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Financials
Sales 2022 1 758 M 1 855 M 1 855 M
Net income 2022 386 M 407 M 407 M
Net Debt 2022 1 357 M 1 432 M 1 432 M
P/E ratio 2022 23,9x
Yield 2022 2,61%
Capitalization 8 750 M 9 231 M 9 231 M
EV / Sales 2022 5,75x
EV / Sales 2023 5,21x
Nbr of Employees 4 303
Free-Float 46,6%
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Mean consensus HOLD
Number of Analysts 11
Last Close Price 42,56 €
Average target price 46,62 €
Spread / Average Target 9,54%
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Managers and Directors
Robert Koremans Chief Executive Officer
Luigi Felice la Corte Group Chief Financial Officer
Andrea Recordati Chairman
Raffaele Sabia Senior VP-Pharmaceutical Research & Development
Giovanni Minora Head-Group Audit & Compliance
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