The value of the transaction (enterprise value) is of TND 80 million (around € 37 million) and will be funded from existing liquidity. The closing of the transaction, expected to take place in the following months, is subject to prior approval by the Tunisian authorities.
Opalia Pharma was established in 1988, ranks eighth in the Tunisian pharmaceutical market and is the third largest local pharmaceutical company. The company markets branded generic drugs with leading products in dermatology and in the gastrointestinal and respiratory therapeutic areas. Opalia manufactures most of its products in a modern, cGMP certified production facility specialized in liquid and semi-solid forms. The company employs 322 people and sales in 2013 are estimated to be of around TND 40 million (around € 18.5 million).
“The acquisition of Opalia Pharma is another step forward in our strategy to increase our business in the emerging markets” declared Giovanni Recordati, Chairman and CEO. “Recordati is already generating significant and growing revenue from its export sales in the North African countries. This acquisition represents a strategic platform to establish a direct presence in this area with the objective of extending coverage also to countries in Central Africa and in the Gulf states.”