The Public Sector Pension Investment Board is joining a consortium of investors to purchase the holding company that owns the majority share of Italian pharmaceuticals group Recordati.

The consortium, which includes global private markets firm StepStone and private equity company CVC Capital Partners, is purchasing Finanziaria Industriale Mobiliare ed Immobiliare, which owns 51.8 per cent of Recordati, for a value of about $4.6 billion.

“I believe that this is great outcome for the company and its employees who will benefit greatly from having CVC as a partner,” said Andrea Recordati, chief executive officer of the company, in a press release.

“In the process of finding the best partner to take Recordati forward, it was important to find a party that would allow Recordati to remain independent, with continuity for management and employees, and accelerate its growth strategy as a leading global consolidator in the pharmaceutical industry.”

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The company has an impressive rare diseases business, according to Cathrin Petty, head of health care for Europe, the Middle East and Africa at CVC, in the release. “Recordati has always been a very carefully managed, international pharma company with a broad platform of products and a strong geographical footprint in primary care.”

Read: PSP Investments posts 9.8 per cent return for fiscal 2018

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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