Recordati in light after Maxi takeover in the United Kingdom

(Il Sole 24 Ore Radiocore) The stock exchange fueled the move by Recordati, which bought Usa Pharma, a UK-based specialist global pharmaceutical company focused on rare diseases and niche oncology and controlled by a fund managed by EW Healthcare Partners, for ₹750 million. The payment of the idea, the group outlined, will be financed through existing liquidity and fully subscribed bridge loans by JPMorgan and Mediobanca.

Usa Pharma closed 12 months prior to 30 June 2021 with 130 million in net revenue and 26 million in net debt. The transaction will provide Recordati a portfolio of pharmaceutical products for rare diseases, which is expected to contribute to revenues of over ₹150 million in 2023 and a gross operating margin of ₹50 million, while non-recurring cost transfers in 2022-2023 originates from. Expenses related to production technologies and acquisition and integration are estimated at approximately 35 million. Completion is subject to regulatory authorities and is expected to take place in the first half of 2022. In addition, the transaction does not change Ricardo’s dividend policy: a payout ratio of 60% of consolidated net profit is confirmed.

According to Equita, the deal “should be considered positive as a whole, even if the entry multiplier is high” which is 6 times current sales and 23 times projected moles in 2023. The high numbers are “justified by the fact that they are rare diseases, in the oncology segment and with high growth potential; there is a need to explore the exploitation of the technological platform for new treatments”, says Broker, who explains that the transaction” Restricts Recordati’s entry into the world of oncology and the need to evaluate expansion options. Some estimates: According to Equita, the acquisition will lead to a 5-6% increase in adjusted earnings per share in 2023, while expected debt in 2022 /mole will be doubled, “limiting space for low cabotage deals”.

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