Italian drugmaker Gruppo Recordati is selling its diagnostics affiliate Technogenetics Srl to Bouty SpA, the Italian diagnostics and over-the-counter medicines subsidiary of US-based Carter-Wallace. The value of the transaction is around 15 billion lire ($9.5 million), of which 7.5 billion lire is consideration for the entire equity of the company and about 7.5 billion lire is reimbursement of an intercompany long-term loan.
Recordati, which for last year posted net profits down 17.8% to 10.4 billion lire and group sales up 4.4% at 324.8 billion lire, is divesting its diagnostics operations to focus all its resources on development of its two core businesses - pharmaceuticals and pharmaceutical chemicals.
Technogenetics is engaged in research, manufacture and marketing of immunodiagnostic kits and other in vitro products. 1993 revenues were 19 billion lire, and the company had around 50 staff. Carter-Wallace says the appeal of its acquisition lies in its strong position in thyroid free-hormone diagnostic kits and its phosfocalcium metabolism developments program.
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