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Recordati Enters the Romanian Market

  //business-finance.news-articles.net/content/2010/06/08/recordati-enters-the-romanian-market.html
  Published in Business and Finance on Tuesday, June 8th 2010 at 7:10 GMT by Market Wire
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MILAN, ITALY--(Marketwire - June 8, 2010) - Recordati announced the acquisition of ArtMed International, a company dedicated to the promotion of pharmaceutical products in Romania with offices in Bucharest. Furthermore, the rights to the products currently being promoted by ArtMed were also acquired. The price paid is € 1.2 million plus an earn-out based on the gross profit of the 5 products under license.

ArtMed has been present on the Romanian pharmaceutical market since 2005 and was one of the first independent companies to offer integrated marketing and promotional services for prescription and OTC products throughout the territory. ArtMed has a staff of 24 employees dedicated to marketing and medical information activities directed at physicians and pharmacists. The medicines which are currently promoted are indicated prevalently for disorders resulting from nutrition deficiencies in addition to Revada® (diosmin) which is prescribed for venous insufficiency and other indications.

Recordati, established in 1926, is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271),with a total staff of over 2,800, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. It has headquarters in Milan, Italy, operations in the main European countries, and a growing presence in the new markets of Central and Eastern Europe. A European field force of around 1,400 medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas including a specialized business dedicated to treatments for rare diseases. Recordati's current and growing coverage of the European pharmaceutical market makes it a partner of choice for new product licenses from companies which do not have European marketing organizations. Recordati is committed to the research and development of new drug entities within the cardiovascular and urogenital therapeutic areas and of treatments for rare diseases. Consolidated revenue for 2009 was € 747.5 million, operating income was € 162.2 million and net income was € 110.6 million.

Statements contained in this release, other than historical facts, are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available information, on current best estimates, and on assumptions believed to be reasonable. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company's control. Hence, actual results may differ materially from those expressed or implied by such forward-looking statements. All mentions and descriptions of Recordati products are intended solely as information on the general nature of the company's activities and are not intended to indicate the advisability of administering any product in any particular instance.

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