LYNCHBURG, Va.--(BUSINESS WIRE)--Fleet Laboratories has entered into an agreement to sell Casen Fleet, its Iberian specialty pharmaceutical business, to Recordati for an undisclosed amount. Casen Fleet focuses on niche segments within the areas of gastroenterology and women's health with a broad range of specialist-endorsed products, including CitraFleet, its flagship brand for bowel cleansing.
Recordati, headquartered in Milan, Italy, is an international pharmaceutical group with a total staff of over 3,300, dedicated to the research, development, manufacturing and marketing of pharmaceuticals.
“We are very proud of Casen Fleet's achievements in Spain, Portugal and the broader European markets,” said Jeffrey Rowan, CEO, Fleet Laboratories. “On behalf of Fleet Laboratories, I would like to thank the management and employees of Casen for their dedication, commitment and effort, which led to the Company performing very well under Fleet’s ownership with significant revenue and profit growth. We made the difficult decision to divest Casen Fleet despite its strong historical and current performance in order to dedicate our resources to our core US market. We believe that Casen, its partners, customers and employees across all of its markets will benefit from continued development under its new owners.”
Commenting on the transaction, Steve Ruhf, Chief Business Development Officer of Fleet Laboratories, said, “The sale of Casen is a value enhancing and forward-looking initiative for Fleet Laboratories. The transaction further facilitates the execution of our strategy to focus on building our portfolio of Consumer Health Care Products in the United States and other core markets. We look forward to exploring opportunities to grow our portfolio organically and potentially via acquisitions.”
Jefferies International Limited is acting as sole financial advisor to Fleet Laboratories and Allen & Overy LLP is acting as legal counsel.