Sweden's Recipharm plans to sell shares on Stockholm bourse

STOCKHOLM, March 19 Wed Mar 19, 2014 3:18am EDT

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STOCKHOLM, March 19 (Reuters) - Swedish contract drug maker Recipharm said it planned to raise up to 898 million Swedish crowns ($142 million) in a listing on the Stockholm stock exchange, joining a recent wave of Nordic share sales.

Recipharm said the offer would comprise 10.4 million new shares and 6.3 million existing shares to be sold at between 72 and 86 crowns per share, giving the firm a market capitalization of up to 3.08 billion crowns, and possibly an additional 2.5 million existing shares to cover possible oversubscription.

First day of trading is expected to be April 3, Recipharm said.

Recipharm, a contract manufacturer and developer of drugs for the pharmaceutical industry, made earnings before interest, tax, depreciation and amortization (EBITDA) of 283 million crowns in 2013 on sales of 2.1 billion and employs around 1,500.

Recipharm was founded in 1995 and is jointly owned by its two founders - Chairman Lars Backsell and Chief Executive Thomas Eldered.

Link to statement: r.reuters.com/cud77v ($1 = 6.3409 Swedish Crowns) (Reporting by Sven Nordenstam, editing by Louise Heavens)

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