In its 100th year in operation, family-run Recordati is considering a buyout offer from CVC Capital Partners.
Luxembourg-based CVC has offered 52.00 euros ($60) per share, which would amount to 10.9 billion euros ($12.6 billion). The investment firm, which already has a 47% stake in Recordati, intends to delist it, the Italian pharma said in its statement.
Recordati confirmed (PDF) the offer after the close of the market on Thursday. Earlier in the day, Italian financial news outlet Il Sole 24 Ore reported the potential deal, triggering an increase in Recordati’s share price by 5%.
“The indication of interest is non-binding and subject to multiple conditions, including the completion of due diligence, the securing of financial resources needed to fund the transaction, and the identification of partners with whom to pursue the initiative,” Recordati said, adding that it has yet to review the offer.
The company has been on a growth surge, more than doubling its sales over the last decade. Last year, its total sales were 2.6 billion euros ($2.9 billion).
Recordati made a rare-disease play in 2021 with a buyout of EUSA Pharma for 750 million euros ($845 million). The deal brought Cushing disease drug Iturisa. In November, Recordati doubled its peak sales projection for the treatment to 1.2 billion euros ($1.4 billion).
CVC Capital Partners bought into Recordati in 2018, spending 3.03 billion euros ($3.5 billion) for a 51.8% controlling stake in the company.