News Article | March 1, 2017
Milan, 1 March 2017 - Recordati's Board of Directors approved the consolidated financial statements for the year 2016 as well as Recordati S.p.A.'s accounts and the corporate governance and ownership report as required by art. 123bis of the Consolidated Law on Financial Intermediation. The financial statements at and for the year ended 31 December 2016 and the aforesaid report will be available as from today 1 March 2017 at the company's head office and published on the company's website www.recordati.com and can also be viewed on the authorized storage system 1Info (www.1Info.it). The reports issued by the independent and by the statutory Auditors will be made available, within the terms of the law, in the same manner. (1) Operating income before depreciation, amortization and write down of both tangible and intangible assets. (2) Cash and short-term financial investments less bank overdrafts and medium/long-term loans which include the measurement at fair value of hedging derivatives. During May 100% of the share capital of Italchimici S.p.A., an Italian pharmaceutical company with operational headquarters in Milan was acquired. The value of the transaction (enterprise value) was of around € 130 million and was be funded from existing liquidity. Italchimici, with over 40 years of history and revenues in 2015 of € 46 million, is a consolidated firm in the Italian pharmaceutical market with well-known products. The company offers therapeutical solutions mainly in the gastroenterological and respiratory areas which consist of both pharmaceutical products as well as food supplements and medical devices to improve the health and well-being of patients. The main brands in its extensive product portfolio are Reuflor (lactobacillus reuteri), Peridon (domperidone) and Lacdigest (tilactase) in the gastroenterological offering and Aircort (budesonide) among the respiratory products. In July 100% of the share capital of Pro Farma AG, a Swiss pharmaceutical company with headquarters in Zug, was acquired. The value of the transaction (enterprise value) is of CHF 16 million and was funded from existing liquidity. Pro Farma, with 2016 revenues of around CHF 10 million, markets proprietary and in-licensed specialties in selected therapeutic areas which include both prescription and OTC drugs. The main brands are Lacdigest (tilactase), Tretinac (isotretinoin) and Urocit (potassium citrate). Furthermore, the company offers distribution and promotion services to other pharmaceutical companies. The acquisition of Pro Farma represents an excellent base on which to develop our operations in Switzerland where Recordati has recently started to sell its product portfolio directly to the market. Furthermore, the main product Lacdigest will contribute to the enhancement of our presence in gastroenterology. Also during July, a partnership with AP-HP (Assistance Publique - Hopitaux de Paris) was finalized under which AP-HP granted an exclusive world-wide license to Orphan Europe (a Recordati company) for the development and commercialization of an innovative product for the treatment of acute decompensation episodes in patients affected by Maple Syrup Urine Disease (MSUD), a severe metabolic disorder. At the beginning of August Recordati and Gedeon Richter signed an exclusive license agreement to commercialize cariprazine, a novel atypical antipsychotic in Western Europe and in Algeria, in Tunisia and in Turkey. The European Medicines Agency (EMA) started the evaluation of Richter's marketing authorisation application for cariprazine for the treatment of schizophrenia in March 2016. Schizophrenia is a chronic and disabling disorder that has a worldwide prevalence approaching 1%. It imposes significant burden on patients, their families, and society. Symptoms fall into three broad categories: positive symptoms (hallucinations, delusions, thought disorders, and movement disorders), negative symptoms (such as loss of motivation and social withdrawal), and cognitive symptoms (problems with executive functioning, focusing, and working memory). Cariprazine is an orally active and potent dopamine D /D receptor partial agonist with preferential binding to D receptors and partial agonist at serotonin 5-HT receptors. On 9 February 2017 the company announced its financial targets for 2017 and its three-year business plan. Including the contribution of further acquisitions which may be completed within the period under analysis, our financial performance expectations for the 2017-2019 period are the following: For 2017, our targets are to achieve sales of around € 1,220 million, EBITDA of around € 410 million, operating income of around € 365 million and net income of around € 260 million. For 2019, we expect to achieve sales of around € 1,450 million, EBITDA of around € 500 million, operating income of around € 450 million and net income of around € 325 million. Group consolidated sales during the first two months of 2017 are particularly positive thanks to the good performance of all our activities and also to favourable seasonality factors in some countries. Based on the results obtained, the Board of Directors of the parent company will propose to the shareholders a dividend of € 0.35 per share, in full balance of the interim 2016 dividend of € 0.35, to be paid to all shares outstanding at ex-dividend date, excluding those in treasury stock, as from 26 April 2017 (record date 25 April 2017), with ex-dividend on 24 April 2017 (against presentation of coupon no. 19). The full 2016 dividend is therefore of € 0.70 per share (€ 0.60 per share in 2015). Further Board resolutions to be submitted to the Shareholders Meeting The Board of Directors approved the following further deliberation proposals to be submitted to the Annual and Extraordinary Shareholders Meeting: The appointment of Directors and of members of the Board of Statutory Auditors will be made, in compliance with compulsory requirements for balanced gender representation, by means of the list voting method and the shareholding necessary for the presentation of candidacy lists is 1% of the share capital with voting rights in the Ordinary Assembly. The objective of the proposal to renew the authorization to buy back and dispose of Recordati shares until the Annual Shareholders' Meeting which will approve the 2017 financial statements is, as in previous years, to grant the Board the possibility: of using shares for equity acquisitions or as consideration for strategic agreements; of allowing the company to invest in its own shares; and of constituting a stock of own shares to service current and future stock option plans. The company would be allowed to purchase up to 10,000,000 Recordati existing ordinary (common) shares, which includes those shares held in Treasury stock at any given time, for a maximum cash outlay of € 300,000,000. The purchase price must be at least equal to the shares' nominal value (€ 0.125) and must not exceed the average official Stock Exchange price recorded over the 5 trading days prior to the transaction, plus 5%. Possible purchases will be made on regulated markets and must comply with article 132 of Legislative Decree 58/1998 and with article 144-bis, paragraph 1.b) of the Issuers' Regulations as approved by CONSOB's resolution 11971/1999 and with market practice allowed and recognized by CONSOB. At 28 February 2017 the company has 3,195,262 shares in Treasury stock which amounts to 1.53% of the current share capital. The Board of Directors also approved the Remuneration Report pursuant to article 123ter of the Legislative Decree 58/98, the first part of which is the Remuneration Policy to be submitted to the Annual Shareholders' Meeting. The Remuneration Report will be made available to the public within the terms of the law. Crossborder merger by absorption of an entirely held company The Board of Directors has also approved the project of crossborder merger by absorption in RECORDATI S.p.A. of the Luxembourg company, entirely held, RECORDATI SA CHEMICAL AND PHARMACEUTICAL COMPANY, in view of rationalising its chain of control for foreign companies. Being a merger by absorption of an entirely held company: In light of its crossborder nature, the merger will be effective from the date of the final registration of the merger deed in the Register of Companies of Milan (where RECORDATI S.p.A., the absorbing company, is registered) or any later date established in the merger deed. Call to an Annual and Extraordinary Shareholders' Meeting The Board of Directors resolved to convene the Annual and Extraordinary Shareholders' Meeting to be held at the company's offices on 11 April 2017 at 10.00 am, the sole convocation date, with the following agenda: Board of Directors' Review of Operations; Report of the Board of Statutory Auditors; Financial Statements as at and for the financial year ended 31st December 2016; relative and consequent resolutions. Appointment of the Board of Directors: Determination of the number of the members of the Board of Directors. Determination of the length of the term of office of the Board of Directors. Appointment of the members of the Board of Directors; relative and consequent resolutions. Determination of the remuneration of the members of the Board of Directors. Appointment of the Board of Statutory Auditors: Appointment of the members of the Board of Statutory Auditors and the relative Chairman. Remuneration policies in accordance with article 123-ter of Legislative Decree No. 58 of 24th February 1998; relative and consequent resolutions. Proposal to authorise the purchase and utilisation of treasury stock; relative and consequent resolutions. Subject to preliminary revocation of the authorisation granted by the Extraordinary Shareholders meeting of 19 April 2012, grant of an authorisation to the Board of Directors in accordance with articles 2420-ter and 2443 of the Italian Civil Code for maximum amounts of Euro 80,000,000 and Euro 50,000,000 respectively; consequent amendment to Art. 6 of the Corporate By-Laws, relative and consequent resolutions. The entire notice of call of an Ordinary Shareholders' Meeting is made publicly available as of today on the company's website www.recordati.com and can also be viewed on the authorized storage system 1Info (www.1Info.it). Within the terms prescribed by current laws and regulations the Directors' reports on the points of the Shareholders' Meeting agenda and any other documents relative to the Shareholders' Meeting agenda will be made available on the company website, at the company's offices and on the authorized storage system 1Info (www.1Info.it). Recordati, established in 1926, is an international pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), with a total staff of around 4,000, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, Recordati has operations in the main European countries, in Russia, in other Central and Eastern European countries, in Turkey, in North Africa, in the United States of America and in some Latin American countries. An efficient field force of medical representatives promotes a wide range of innovative pharmaceuticals, both proprietary and under license, in a number of therapeutic areas including a specialized business dedicated to treatments for rare diseases. Recordati is a partner of choice for new product licenses for its territories. Recordati is committed to the research and development of new specialties within the urogenital therapeutic area and of treatments for rare diseases. Consolidated revenue for 2016 was € 1,153.9 million, operating income was € 327.4 million and net income was € 237.4 million. Statements contained in this release, other than historical facts, are "forward-looking statements" (as such term is defined in the Private Securities Litigation Reform Act of 1995). These statements are based on currently available information, on current best estimates, and on assumptions believed to be reasonable. This information, these estimates and assumptions may prove to be incomplete or erroneous, and involve numerous risks and uncertainties, beyond the Company's control. Hence, actual results may differ materially from those expressed or implied by such forward-looking statements. All mentions and descriptions of Recordati products are intended solely as information on the general nature of the company's activities and are not intended to indicate the advisability of administering any product in any particular instance.
French National Center for Scientific Research, University of Paris Descartes, Assistance Publique and Godtech | Date: 2015-05-20
The present invention provides methods for diagnosing syndromic obesity and related syndromes. More particularly, the invention provides a method for diagnosing a new syndrome comprising massive human obesity, maculopathy and endocochlear deafness in a human subject. The invention moreover provides methods for selecting an active compound for the prevention and/or the treatment of a syndrome comprising massive human obesity, maculopathy and endocochlear deafness in a human subject.
Assistance Publique and French National Center for Scientific Research | Date: 2015-09-16
The present invention relates to the use of interleukin-2 (IL-2) for treating a food allergy, either by inducing non-specific tolerance against food allergens, or in a desensitization protocol, in combination with a food allergen.
French Institute of Health, Medical Research, French National Center for Scientific Research and Assistance Publique | Date: 2016-06-08
The present invention relates to methods and means for assessing risk, diagnosing, and prognosing malignant erythroderma in human subjects.
Institute Curie, French National Center for Scientific Research, French Institute of Health, Medical Research and Assistance Publique | Date: 2013-01-23
A composition that can be used as a vaccine containing means for targeting at least one antigen to dendritic cells and as adjuvants a granulocyte macrophage colony stimulating factor and a CpG oligodeoxynucleotide and/or a CpG-like oligodeoxynucleotide. This composition can used to treat cancers, infectious diseases caused by bacterial, viral, fungal, parasitic or protozoan infections, allergies and/or autoimmune diseases.
Assistance Publique | Date: 2015-04-08
The invention relates to the use of biotin for treating multiple sclerosis, in particular of the progressive forms and of the neurological sequelae, wherein the treatment with biotin has a duration of at least 3 months.
University of Paris Descartes and Assistance Publique | Date: 2015-05-27
The present invention relates to the field of food supplement and medicament supporting muscle metabolism, more precisely muscle protein synthesis. In particular, the invention relates to a composition comprising N-carbamoylputrescine (NCP). The invention further relates to the non-therapeutic use of N-carbamoylputrescine (NCP) to enhance muscle protein synthesis in a subject. Moreover, the invention also relates to N-carbamoylputrescine for its use as a medicament.
Assistance Publique | Date: 2014-09-03
The invention relates to a method for determining the activity of an auto-inflammatory disease in a patient, where a patient reports the status of at least 5 dichotomous items corresponding to a physiological observation and the values of each status is combined in a mathematical function to obtain an end value.
Assistance Publique | Date: 2012-11-07
The present invention relates to pharmaceutical compositions comprising an ATP-sensitive potassium (K_(ATP)) channel antagonist (eg. sulfonylureas, meglitinides) and methods for treating hyperglycaemia and/or promoting growth of a premature and/or small for gestational age infant.
Assistance Publique and University of Paris Descartes | Date: 2012-03-14
The present invention relates to a non-invasive method for assessing the digestive motility or transit of a subject, comprising: swallowing a non digestible transmitting element which contains a transmission means transmitting at a given fixed frequency; measuring in series the phase-shift of the frequency transmitted by each of transportable reception means, relative to a reference phase of a reference beacon, to fix the origin of a coordinates system and the coordinates of each transportable reception means in said system, each reception means comprising at least a transceiver, said reception means being distributed around said subject, and said reference beacon being attached to a given fixed location on said subject, measuring then, using said transportable reception means distributed around said subject, the phase shift of the frequency transmitted by said transmission means of said ingestible element; determining by triangulation a position of said ingestible element in said coordinates system.