Recipharm in €68m Mitim takeover

Swedish pharmaceutical contract development and manufacturing organisation (CDMO) Recipharm AB has agreed to acquire Mitim Srl. The Italian company will bring its niche technology in injectable beta lactams into the merger. It is located in Brescia close to Recipharm’s existing operations in Northern Italy.

NASDAQ, Stockholm-listed Recipharm is paying SEK640m (€68.4m) for its privately-owned competitor. In 2015, Mitim had revenues of €42.5m, not exactly a drop in the ocean even for Recipharm. With Mitim, it would have increased its 2015 revenues by almost 12%.  

 “This acquisition [...] represents an important step in our consolidation of the CDMO industry,” commented Thomas Eldered, CEO of Recipharm. “The transaction also cements our leading position in beta lactam production and provides Recipharm  not only with additional scale but also opportunities to realise commercial and operational synergies as we combine it with our existing Italian business.”

Last year, Recipharm took over Swedish CRO OnTarget Chemistry as well as Indian CMO Nitin Lifesciences. The company currently has 14 manufacturing facilities and three development facilities around Europe.