CVC Capital Partners collaborates with GBL on Recordati’s landmark US$12.4B privatization bid

ITALY—Italy’s pharmaceutical sector has attracted renewed global attention after a consortium led by CVC Capital Partners and Groupe Bruxelles Lambert (GBL) made a US$12.4 billion takeover proposal for Recordati.

The offer, which targets full ownership and a potential delisting from the Italian stock exchange, values the shares at €51.29 each (US$55.80), a 12.89% premium over the company’s share price before the bid was first disclosed.

CVC, already the majority shareholder with a 46.8% stake, has positioned the move as a long-term strategic consolidation rather than a short-term financial transaction.

Strategic Rationale Behind Privatization

In its investor communication, the consortium emphasized that taking Recordati private would streamline governance and accelerate decision-making across its global operations.

It argued that a private structure would allow the company to operate with greater organisational flexibility while maintaining strategic continuity in its core pharmaceutical portfolio.

Recordati echoed this position, noting that the proposed ownership structure brings together stable co-control investors with aligned long-term objectives, supporting sustained investment in research, commercial expansion, and rare disease innovation.

Company Profile and Financial Momentum

Founded in 1926 as a small family pharmacy in Northern Italy, Recordati has evolved into a multinational pharmaceutical group operating in more than 150 countries across both specialty pharma and chemical segments.

The company has strengthened its financial performance in recent years, with 2025 revenues rising 8.3% to €2.62 billion (US$2.85 billion), driven largely by its expanding rare disease portfolio.

A key growth driver has been Isturisa (osilodrostat), a treatment for Cushing’s syndrome, with peak sales expectations recently raised to €1.2 billion (US$1.31 billion), reflecting strong commercial uptake and expanded indications.

Italian Pharma Sector Sees Accelerating Deal Flow

The potential transaction comes at a time of heightened consolidation across Italy’s pharmaceutical industry.

While the country remains a leading hub for contract manufacturing in Europe, many domestic companies face constraints in scaling due to fragmented venture capital and ownership structures.

Major players such as Menarini Group, Chiesi Farmaceutici, and Angelini Pharma remain privately held, reinforcing the significance of Recordati’s possible delisting.

Recent industry activity has intensified competition, highlighted by Angelini’s US$4.1 billion acquisition of Catalyst Pharmaceuticals and Chiesi’s US$1.9 billion deal for KalVista Pharmaceuticals, indicating a shift towards rare-disease expansion and cross-border consolidation.