The Esteve pharmaceutical group has signed a preliminary agreement with the American company Perrigo Company to acquire HRA Pharma Rare Diseases, a French company specialized in rare diseases, in an operation in which it will invest up to 275 million euros.
The Catalan company explained in a statement that the purchase will allow it to add to its portfolio three new drugs that address Cushing's syndrome and adrenocortical carcinoma, called Metopirone, Lysodren and Ketoconazole HRA. Esteve will pay Perrigo a fixed initial amount, which he did not detail, and “variable future payments linked to the income” he obtains from these drugs.
The closing of the transaction is expected for the end of the first half of 2024. It must now go through a consultation and information process with the company's works council in France and subsequently obtain approval from regulators.
HRA Pharma Rare Diseases is a company specialized in researching rare and ultra-rare diseases, with 15 years of experience, which in 2023 obtained net income of 50 million euros. With a presence in several European countries and the United States, it is in a process of international growth. Its owner, Perrigo, an American company based in Ireland, is focused instead on over-the-counter self-care health products.
Staffan Schüberg, CEO of Esteve, said in a statement that the purchase is one more step to become “an international pharmaceutical company, a leader in areas of specialized medicine,” as it advances its purpose of focusing on medicines to “cover needs.” “medical not covered.”
The group opened its capital a year ago to the German investment group Lubea with the purpose of promoting its internationalization, growing in size and profitability, with a medium-term view of a possible IPO.
Esteve is a pharmaceutical group controlled by the founding family and with a minority stake of 26% in Lubea. In 2022, the group's pharmaceutical division had a turnover of 644 million euros (257 million from the sale of medicines and 385 million from the sale of active ingredients to other pharmaceutical laboratories), with a profit before taxes of 99 million.
The group obtains more than 70% of its income outside Spain: it has subsidiaries in Portugal, Germany, France, the United Kingdom, Italy and the United States. In addition, the group has factories in Spain, Mexico and China, dedicated to developing and producing active pharmaceutical ingredients for third parties.
