Recipharm AB has signed an agreement to acquire Milan based Corvette Pharmaceutical Services Group from the Italian private equity Group LBO Italia Investimenti s.r.l. Financial terms were not disclosed.
Corvette has three manufacturing facilities located in the Milan region. The Masate facility provides sterile injectable manufacturing with capabilities for both lyophilization and liquid filling of vials and ampoules including hormones supplied to numerous territories including Japan. A facility in Paderno Dugnano provides API and finished dose form development and manufacturing, and supplies the global market, including the U.S. and Japan, and the Lainate facility provides Bulk lyophilization of sterile beta lactam antibiotics supplied to numerous markets including Japan.
Corvette employs 265 people across the three facilities and had revenues of €57.7 million in 2013. The combined company expands Recipharm’s scale providing access to new geographical areas including Italy and a number of emerging markets, and increases manufacturing capacity and lyophilization capabilities.
Thomas Eldered, chief executive officer of Recipharm, said, “The acquisition of Corvette is very much in line with our strategic plan and we are very excited to have secured such a high quality company. We will be gaining access to a first class and largely new customer base as well as new capabilities and capacities that will add to our technology base. Italy is an extremely interesting market made up of many small and mid-size companies where Recipharm currently has little presence. This combined with the significant sales in emerging markets represents an exciting opportunity.”