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Recipharm acquires Mitim, adding scale and technology in injectable beta lactams.
Recipharm AB announced on Feb. 23, 2016 that it agreed to acquire Italian contract developer and manufacturer (CDMO), Mitim Srl that specializes in the filling of injectable beta lactam products for $75.4 million (SEK 640 million). The Mitim facility is located in Brescia, close to Recipharm’s existing operations in Northern Italy.
Mitim’s product portfolio includes beta lactams in dry sterile powder for injectable solutions, tablets, and oral suspensions. Other products include injectable sterile solutions, oral solids and liquids, and semi-solids. The manufacturing site has five production lines; the company completed an investment in a production line for injectable beta lactams in March 2015. Mitim employs approximately 250 people.â¨â¨
Recipharm reports that Mitim’s 2015 pro forma revenues would have represented an increase of almost 12% on Recipharm’s total 2015 revenues.
The acquisition would be paid for in available funds and the transaction was expected to close on Feb. 24, 2016, according to a company press statement.