Meda extends its pharmaceutical might across the Nordic countries
An agreement by Meda to acquire Nordic pharmaceutical company Recip is expected to make it one of the three largest pharma companies in the Swedish market.
An agreement by Meda to acquire Nordic pharmaceutical company Recip is expected to make it one of the three largest pharma companies in the Swedish market.
The purchase of Recip is set to contribute sales of about SEK 850m into Meda's operation during 2008 and expand its product opportunities outside the Nordic countries. Recip has operations in all Nordic countries with about 50 employees in total.
The product portfolio consists of well-established drugs such as Kavepenin and Heracillin, both used in the treatment of infectious diseases, Kalcipos, which is used to treat osteoporosis and TrioBe - - a profylaxis against vitamin B deficiency. The deal also includes Aminess N, a specialist medication for kidney failure, which will be launched in the US.
As part of the agreement, Meda will take over the sales and organisation at Recip and will obtain product rights, trademarks and right to the Recip name. Recipharm, a production company, will continue as a contract manufacturer for Meda and isn't part of the deal.
"We're pleased to have Meda as an industrial acquirer of Recip," said Lars Backsell, ceo Recipharm. "Meda has a strong marketing organisation in Europe and the US, which means that Recip's products can be marketed on a broader front. It is positive that Recip's professional staff can be a part of building a strong Swedish pharma company. We're looking forward to become Meda shareholders and to a continued partnership."
"Meda and Recip have the same magnitude of sales on the Nordic market," said Anders Loenner, ceo Meda. "The acquisition strengthens our position on our home market both when it comes to organisation and products. The existing product range and forthcoming product development mean attractive opportunities. The ambition is to achieve sales of more than SEK 1bn of Recip-products already in 2009. We welcome Recip to the Meda Group."
