Recordati Confirms Farma-Projekt Purchase For PLN71mn
News: Italian drugmaker Recordati has confirmed it will buy Polish pharmaceutical company Farma-Projekt for PLN71.0mn (US$22mn). PLN50.8mn (US$15.6mn) will be paid at the closing of the deal, while the rest will be paid in milestone payments. Part of the remaining balance consists of the company's debt. The outright purchase will be funded by Recordati's existing liquidity. The deal is part of Recordati's strategy to increase its business in markets in Central and Eastern Europe, which the company said 'are growing at interesting rates'. The purchase of the Krakow-based firm is subject to certain conditions but the transaction is expected to take place in the next few months.