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Recordati Industria Chimica E Farmaceutica SpA Finalizes First Tranche of Acquisition of Opalia Pharma S.A.

Thursday, 31 Oct 2013 09:47am EDT 

Recordati Industria Chimica E Farmaceutica SpA announced that it has concluded the acquisition of approximately 67% of the share capital of Opalia Pharma S.A., a Tunisian pharmaceutical company with headquarters in Ariana, a suburb of Tunis. This first tranche consists of the portion of the share capital held by non-Tunisian shareholders, one of which is The Abraaj Group. An amount of EUR 22.6 million were paid at the closing. The conclusion of the acquisition of a further 23% is expected to take place in the coming months. Opalia Pharma was established in 1988 and is a pharmaceutical company. The company markets branded generic drugs with products in dermatology and in the gastrointestinal and respiratory therapeutic areas. The company employs approximately 320 people and generates annual sales of around TND 40 million (around EUR 18 million). 

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