The Swedish Pharmaceutical Contract Development and Manufacturing Organisation Recipharm AB (publ) has acquired Lisbon based CDMO Lusomedicameta Sociedade Técnica Farmacêutica S.A. for SEK 1 billion.
The transaction values Lusomedicamenta at an enterprise value of EUR 112.3 million (SEK 1 040 million), which represents an adjusted EBITDA multiple of 8.8 based on LTM September 2014. The preliminary net debt is negligible.
The combined entity will enhance Recipharm’s scale and profitability, according to a press release. Based on LTM September 2014, the combined revenue and EBITDA (pre-Corvette) is SEK 2 725 million and SEK 446 million respectively.
“The acquisition of Lusomedicamenta represents an excellent addition to the Recipharm Group and is perfectly in line with our strategic plan to access new markets, establish new customer relationships and consolidate the industry to become a majorCDMO,” said Thomas Eldered, CEO of Recipharm.
“The new customer base combined with significant IP backed sales in Portugal provides us with many new exciting opportunities.”