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Recipharm to buy Corvette Pharmaceutical Services for $160m

PBR Staff Writer Published 20 August 2014

Swedish contract development and manufacturing organisation Recipharm has agreed to purchase Milan based Corvette Pharmaceutical Services Group (Corvette) from Italian private equity group LBO Italia Investimenti.

The deal would offer Recipharm with access to highly interesting geographical regions including Italy and several other emerging markets, many of them being new to Recipharm.

Further, Recipharm will also have grip on Corvette's three facilities in Milan region, including Masate, Paderno Dugnano and Lainate, in addition to new capabilities and a product portfolio that accounts for 40% of Corvette's sales.

Recipharm CEO Thomas Eldered 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."

The deal is also anticipated to boost manufacturing capacity and fortified capability in the highly sought technology of lyophilisation.