Recipharm eyes Portugal and opthalmics with SEK1bn Lusomedicamenta buy

By Gareth Macdonald contact

- Last updated on GMT

Recipharm buys in Portiugal
Recipharm buys in Portiugal

Related tags: Boehringer ingelheim

Recipharm has bought Portugal-based contractor Lusomedicamenta for SEK1bn ($1349m) following up on the plan to add manufacturing capacity that it outlined after going public this summer.

Lusomedicamenta provides development and manufacturing services for solid, liquid and semi-solid dose forms as well as sterile ophthalmic products. It lists companies like Bayer, Johnson & Johnson (J&J), Novartis and Merck & Co as clients.

The Portuguese firm – which was founded in 2004 at a former Janssen-Cilag facility - operates two sites close to Lisbon and claims to have “invested heavily in the production of effervescent tablets with a new dedicated facility for this purpose​.”

Lusomedicamenta is the second company Sweden-based contract development and manufacturing organisation (CDMO) Recipharm has bought this year after Italy’s Corvette​, which it acquired in August in a deal that also provided it with sterile manufacturing capacity.

At the time Recipharm told us that: “One of the prime reasons for the IPO was to be able to participate in the changes and consolidation that is occurring in the industry​.”

Our asset base is still focused on Europe although we have customers worldwide. There are still areas of Europe where we believe we can still expand, but we are looking further afield.

Evidently Portugal was a target.

In a statement released today CEO Thomas Eldered said Lusomedicamenta will help his firm “access new markets, establish new customer relationships and consolidate” ​citing IP backed sales in Portugal as an opportunity.

The Swedish CDMO also cited Lusomedicamenta’s Portuguese distribution agreements with Boehringer Ingelheim, Gedeon Richter and OM Pharma as drivers for the acquisition.

Recipharm also hinted that it plans to make changes to its manufacturing network after buying Lusomedicamenta.

Given Lusomedicamenta’s attractive cost environment, additional non quantified benefits are expected to be realized, including optimization and specialization in Recipharm’s network for oral solids​.”

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