Pharma-Takeover Recipharm to Acquire Contract Manufacturing Company Mitim
Recipharm of Sweden will acquire Italian CDMO, Mitim, thus adding scale and capabilities to the group.
Mitim, with a 2015 revenue of € 42.5 million, is currently owned by a private Italian family and is specialised in the filling of injectable beta lactam products. It is located in Brescia close to Recipharm’s existing operations in Northern Italy. The € 68 million transaction adds an important technology in the filling of injectable beta lacta to Recipharm’s portfolio.
Thomas Eldered, CEO Recipharm AB, commented: “This acquisition is very exciting for Recipharm and represents an important step in our consolidation of the CDMO industry. 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”.
Mitim is a pharmaceutical contract manufacturing company located in Brescia, Northern Italy. The product portfolio includes beta lactams in dry sterile powder for injectable solutions, tablets and oral suspensions. Other products include injectable sterile solutions, oral solids and liquids as well as semi-solids. The manufacturing site has five production lines and the company completed a significant investment in a new state-of-the-art production line for injectable beta lactams in March 2015. Mitim employs approximately 250 people.
The acquisition of Mitim consolidates Recipharm’s leading position as a CDMO and adds an important new technology with FDA inspected facilities in the niche area of filling of sterile beta lactams. Sales to the US (the largest markets for these types of products) has significantly increased in recent years through the expansion of partnerships with existing customers who are making new product registrations in the territory. There is limited competition for this technology in Europe.