One of Italy’s only publicly traded large pharma companies could soon be taken into private ownership, after private equity firm CVC Capital Partners and Belgian investment group Groupe Bruxelles Lambert (BGL) launched a $12.4bn (€10.7bn) takeover bid for Recordati.
At the end of March, CVC – which holds a controlling 46.8% stake in Recordati – confirmed a non-binding full takeover offer, aimed at delisting the drugmaker from the Italian stock exchange. In a 22 May notice, Recordati confirmed that the consortium is offering €51.29 per share, which reflects a 12.89% premium to the pharma company’s share price on 25 March, just before CVC’s interest was first revealed.
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A notice explaining the reasons for the offer said: “Operating as a privately held company would enable Recordati to benefit from increased organisational and operational flexibility and a more efficient decision-making process, while preserving strategic continuity and focus.”
In a statement, the drugmaker said the new offer is “supported by a committed, flexible and stable shareholder base, where CVC and GBL will partner as co-control investors with a clear commitment to support the company’s development over the long term.”
Recordati was founded in 1926 as a family pharmacy in Northern Italy. The company now has a footprint in over 150 countries, with both pharmaceutical and chemical units.
Recordati has seen its financial position strengthen over recent years. In 2025, its revenues rose 8.3% to €2.62bn, fuelled by high growth in its rare disease segment. Included in this is Cushing’s syndrome therapy Isturisa (osilodrostat), which had its peak sales forecast doubled to €1.2bn by the company in November 2025.
Italy’s pharmaceutical landscape is one that struggles to find a balance between domestic growth and exports. It is widely regarded as one of the top destinations in Europe for contract manufacturing, but Italian drugmakers struggle to expand due to fragmented venture capital. The largest drugmakers – Menarini, Chiesi Farmaceutici, and Angelini Pharma – are all privately owned, which makes Recordati’s potential delisting even more pertinent.
The Italian pharma industry has, however, seen a flurry of dealmaking in 2026. Angelini spent $4.1bn to acquire US-based rare disease specialist Catalyst Pharmaceuticals in May. A month later, Chiesi agreed to buy KalVista Pharmaceuticals – also a rare disease drug developer – for $2bn.
