Recordati's Strategic Acquisition: Enjaymo for $825 Million

Recordati, an international pharmaceutical group, has announced a strategic acquisition of the global rights to Enjaymo from Sanofi for $825 million. This acquisition aligns with Recordati's broader strategy in the rare diseases space, further expanding its footprint in the U.S., Japan, and Europe. Enjaymo, the only approved targeted product for the treatment of cold agglutinin disease (CAD), addresses a serious unmet medical need for patients living with this debilitating condition.

The acquisition of Enjaymo complements Recordati's existing portfolio of rare disease treatments, such as Sylvant®. The humanized monoclonal antibody, indicated to treat hemolysis in adults with CAD, is expected to contribute positively to both Recordati's top and bottom lines. With a strong clinical profile, Enjaymo is projected to generate revenues in excess of €150 million in FY 2025, with peak sales potential of €250-300 million.

The acquisition is expected to close by the end of 2024, subject to regulatory clearances. Recordati expects minimal revenue contribution in 2024, with the transaction being immediately accretive at the EBITDA level as of 2025. The deal will be funded by existing cash and new committed bank debt facilities, with net debt expected to be approximately 2.4 - 2.5x EBITDA (pro-forma) at the end of 2024, de-leveraging to less than 2.0x EBITDA at the end of 2025.

The acquisition of Enjaymo strengthens Recordati's competitive position in the rare diseases market and reinforces its commitment to addressing unmet medical needs. With a growing portfolio of rare disease treatments, Recordati is well-positioned to continue its growth trajectory and make a significant impact on the lives of patients with rare conditions.