Fidia Farmaceutici enters into definitive agreement for its most important acquisition ever and confirms a double-digit growth trend in 2023 

• Fidia has entered into an agreement to acquire a portfolio of ethical medicines of high therapeutic value, mainly in the gynaecological area, from global pharmaceutical company Sanofi 
• These are six brands (anti-infectives, antifungals, ovarian stimulants, antigonadotropes) distributed in more than 50 countries, mainly in Africa and the Middle East 
• Most of the products in the portfolio are classified as Medicines of Major Therapeutic Interest (MITMs) and/or on the WHO Model Lists of Essential Medicines 
• This agreement is the third operation in the early months of 2024 after the acquisition of Sanifarma’s ophthalmic business and the recent commercial agreement with the multinational Novartis for the distribution of six ophthalmological medicinal products for the treatment of glaucoma 
• These operations are part of a double-digit organic growth trend, demonstrated by the company’s recently announced 2023 financial statements that are once again positive, with a turnover of 463,5 million euros (+12,5% compared to 2022) 

Fidia inaugurates the second quarter of 2024 with an agreement for a significant new strategic acquisition from Sanofi that strengthens the company’s international presence mainly in the area of gynaecology, decisively accelerating the internationalisation process already underway.  

The acquisition mainly concerns gynaecological medicinal products of high therapeutic value including, Metronidazole, an active ingredient indicated for the treatment of amoebiasis, giardiasis, bacterial vaginitis and post-operative infections, and Clomiphene, an ovarian stimulant, classified as Medicines of Major Therapeutic Interest (MITMs) and/or on the World Health Organization’s (WHO) Model Lists of Essential Medicines. 

The brands that Fidia will acquire are distributed in more than 50 countries, some already managed with subsidiaries or distributors (e.g. Egypt, Turkey, Saudi Arabia, Morocco and France), but also others where Fidia is entering for the first time, especially Sub-Saharan Africa.  

The distribution of the products included in the portfolio is diversified into four regions of which 70% is concentrated between Africa and the Middle East; these are strategic geographic locations because of their sustained population growth in the long-term, expected respectively at +2.4% and +1.6% per year between 2022 and 2028. 

The transaction is expected to close in the second half of 2024, subject to receipt of regulatory approvals. 

This agreement represents the third operation of the pharmaceutical group in the first months of 2024, after the acquisition of the ophthalmic business of Sanifarma and the recent commercial agreement with the multinational Novartis for the distribution of 6 ophthalmological medicinal products for the treatment of glaucoma. The transaction will also be the company’s most significant acquisition in recent years, fully financed with Fidia’s own funds, which is part of the expansion strategy through the penetration of new markets and expansion of the core product portfolio.In addition to representing an enrichment of the product portfolio and a strengthening of its international presence, the transaction will represent Fidia’s second acquisition from Sanofi, following Fidia’s 2021 purchase of an integrated portfolio of anti-inflammatory drugs, a move that has contributed to the double-digit growth trend at Fidia in conjunction with the global health emergency. 

The same trend was also maintained in 2023 (+12,5% on 2022 at current exchange rates, +13% at constant exchange rates) for both the national and international markets, with a turnover equal to 463,5 million euros. 

With 51,7% of registered turnover, Italy remained the main market. Here the company has grown by 11,4%, with results well above those of the reference markets (ethical drugs, OTC/SOP, dietary supplements, medical devices) and consolidating leadership in the hyaluronic acid market for osteoarticular infiltrations (over 42 million euros) as well as in the area of ophthalmology. 

Positive results were also obtained abroad where Fidia consolidates a double-digit growth trend (+13,3% with a turnover of over 219 million euros) of both subsidiaries and third-party distributors, despite some logistical critical issues that have affected the main markets.  

The very positive performance of product sales in the MENA area (+37%), in Europe (+12%) and in emerging markets led the growth.  

The consolidated EBITDA grew by 17,2% compared to 2022, reaching 90.4 million euros, equal to 19,5% of operating revenues. The operating result was about 66,4 million euros, up 28,6%. The net profit amounted to 45,2 million euros. 

“2023 was extremely positive although characterized by fluctuating sales trends – stated Carlo Pizzocaro, CEO and President of Fidia Farmaceutici –Although the economic context was highly unstable due to the geopolitical crises, the company continued to implement its development strategy, acting in parallel on portfolio diversification, internationalization and internalization of part of productions in order to increase margins on the sale of industrialized finished products. The agreement just concluded with Sanofi demonstrates the excellent health of the company and our willingness to grow despite economic uncertainties.  The acquisition will strengthen our presence in countries where we have already entered and will likewise penetrate new and emerging markets.”  

With about 6% of turnover invested during 2023, Fidia supports several R&D projects in the research centres of Abano Terme (PD) and Noto (SR), transversal to all the therapeutic areas in which the company currently operates, and in the areas of discovery, preclinical development, formulation development and clinical research. 

Among the numerous projects, developments continue on Oncofid-P for the treatment of bladder cancer and mesothelioma (for which the company obtained the Orphan Drug Designation from the European Medicines Agency) and on Collagenase for the treatment of Dupuytren’s contracture and Peyronye’s disease.