Recordati to buy EUSA Pharma for $847 million to boost rare disease offering

MILAN - Italian pharmaceutical group Recordati has signed an agreement to buy UK-headquartered EUSA Pharma for an enterprise value of 750 million euros ($847 million) to boost its rare disease products portfolio, it said in a statement on Friday.

EUSA Pharma, founded in 2015 and controlled by funds managed by EW Healthcare Partners, focuses on rare and niche oncological diseases and had net sales over the last twelve months to end-June of around 130 million euros.

The acquisition, whose closing is expected in the first half of next year, will be funded via existing liquidity and bridge financing fully underwritten by JPMorgan and Mediobanca, Recordati added.

($1 = 0.8855 euros)