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Recipharm to buy Corvette Pharmaceutical Services Group for 1.1 billion Swedish crowns


Tuesday, 19 Aug 2014 01:45am EDT 

Recipharm publ AB:To acquire Corvette Pharmaceutical Services Group for 1.1 billion Swedish crowns.Corvette had 2013 revenue and EBITDA of 57.7 million euros (499 million Swedish crowns) and 15 million euros (130 million Swedish crowns) respectively.Accretive to profitability and EPS with both set to increase already in 2014.The combined entity will enhance Recipharm's scale and profitability.Based on 2013 proforma financials, the combined entity's revenue and EBITDA would have been 2.6 billion Swedish crowns and 408 million Swedish crowns respectively.The transaction values Corvette at an enterprise value 120 million euros (1.1 billion Swedish crowns) with estimated net debt of 20 million (183 million Swedish crowns).The estimated equity consideration of 100 million euros will be paid for by 50% cash and 50% in the form of a convertible bond.No additional financing is required.Closing expected on Oct 1. 

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