11 May 2020 - Deborah Wilkes
Recordati has released financial results, Adare Pharmaceuticals has acquired Orbis Biosciences, and Phynova is raising EUR10 million (USD11 million).
Recordati’s first-quarter results
Recordati said the OTC business had generated 19.2% of its worldwide sales in the first quarter of 2020, which were up by 12.1% to EUR429 million (USD464 million).
The Italian pharmaceutical company said growth included EUR20 million as a result of stocking building by wholesalers and pharmacies in March to face the COVID-19 pandemic.
Acquiring the prescription drug Signifor from Novartis had contributed a further EUR14.7 million.
Around 81.0% of the Italian pharmaceutical company's sales were generated outside of its home market. International sales were up by 15.6% to EUR348 million.
Recordati's operating income grew by 17.8% to EUR148 million, representing 34.6% of sales.
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) were up by 20.1% to EUR173 million, representing 40.3% of sales.
Recordati is now majority-owned by a consortium led by private-equity firm CVC Capital Partners.
Adare acquires Orbis Biosciences
US company Adare Pharmaceuticals has acquired drug delivery specialist Orbis Biosciences for an undisclosed sum.
John Fraher, Adare’s chief executive officer, said the acquisition complemented the company’s contract development and manufacturing business which was currently focused on oral dosage forms for pharmaceutical and OTC medicines. Orbis offered platforms that could be dosed in oral liquid, injectable, and otic dosage forms, he added.
US-based Orbis says its Precision Particle Fabrication technology produces uniform microspheres and microcapsules with narrow size distribution and precise control over particle structure.
The Precision Particle Fabrication technology comprises a number of platforms: Optimµm encapsulation for oral delivery; Stratµm encapsulation for injectable delivery; and Unisun for sustained-release otic therapies.
Phynova raising EUR10 million
UK-based Phynova has announced that DSM Venturing, part of Royal DSM, is the cornerstone investor for a EUR10 million (USD11 million) funding round.
One of Phynova’s main products is the Reducose blood-glucose ingredient, which can be added to foods and drinks at the manufacturing stage or taken as a food supplement. Reducose is derived from white mulberry leaves.
Phynova said it was working towards fulfilling “significant commercial orders” for Reducose in Europe, China and North America.
Rob Beudeker, investment director at DSM Venturing, will join Phynova’s board.