CVC Capital Partners targets full acquisition of Recordati in USD12.6B buyout

ITALY—Italian pharmaceutical company Recordati has confirmed it is weighing an acquisition offer from private equity firm CVC, which already holds a controlling stake in the business.

Under the proposed agreement, CVC would acquire the remaining 48.2% of Recordati’s shares listed on the Italian Stock Exchange at €52 (USD 60) per share—a move that could cost the firm €10.9 billion (USD 12.6 billion).

Recordati noted it has not yet formally reviewed the offer through its corporate bodies, though the two parties are no strangers to each other.

CVC first invested in Recordati in 2018, paying €3.03 billion (USD 3.5 billion) to acquire a 51.8% controlling stake.

A Company on the Rise

Founded a century ago, Recordati is a global pharmaceutical group operating across primary and secondary care, with a particular focus on rare diseases spanning haematological oncology, endocrinology, and metabolic health.

Its financial performance has been robust—net revenue increased by 11.8% to €2.6 billion (USD 3 billion) in 2025, driven mainly by its rare disease division, which posted a 29.7% year-over-year increase in revenue.

Among its key commercial products is Isturisa (osilodrostat), a therapy for Cushing’s disease that analysts at GlobalData project will generate USD 967 million in sales by 2031.

Recordati recently expanded its portfolio further by acquiring global rights to Enjaymo (sutimlimab), a treatment for cold agglutinin disease (CAD), from Sanofi for USD 825 m in 2024.

The company has also partnered with mRNA specialist Moderna to co-develop mRNA-3927, a therapy for propionic acidaemia currently in global Phase I/II trials.

Pharma M&A Heats Up

CVC’s bid arrives amid a wave of major pharmaceutical deals announced over the past week, as large industry players race to strengthen their pipelines ahead of significant patent expirations on the horizon.

Just a day before CVC’s move, Novartis announced plans to acquire Excellergy for up to USD3 billion, gaining access to EXL-111, a high-affinity anti-IgE antibody in Phase I trials.

Earlier in the week, MSD (Merck & Co.) agreed to pay USD 6.7 billion for Terns Pharmaceuticals, a valuation some analysts believe underestimates the potential of its BCR-ABL1 inhibitor, TERN-701.

On March 24, Gilead entered the T-cell engager market for the first time with a USD2.2 billion acquisition of Ouro Medicines, potentially setting up a collaboration with Galapagos around Ouro’s lead asset, gamgertamig.

According to GlobalData, the spike in deal values seen throughout 2025 reflects growing confidence in pharmaceutical M&A, with acquirers concentrating capital into fewer, higher-value transactions.