Milan, 9 April 2018 - Recordati announces the completion of an agreement with Mylan for the acquisition of the rights to Cystagon® (cysteamine bitartrate), indicated for the treatment of proven nephropathic cystinosis in children and adults, for certain territories, including Europe. The product was previously commercialized by Orphan Europe (a Recordati group company) under license from Mylan.
"We are very satisfied with the agreement reached with Mylan for the acquisition of the rights to Cystagon®", declared Andrea Recordati, CEO and Vice Chairman. "Our rare disease company Orphan Europe has, over the years, successfully made this product available to patients suffering from nephropathic cystinosis in Europe and in many other parts of the world. The definitive acquisition of the rights enables us to continue offering this life-saving treatment to patients".
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 more than 4,100, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. Headquartered in Milan, Italy, Recordati has operations in the main European countries, in Russia, other Central and Eastern European countries, Turkey, North Africa, the United States of America, Canada, Mexico and in some South 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 with a focus on treatments for rare diseases. Consolidated revenue for 2017 was 1,288.1 million, operating income was 406.5 million and net income was 288.8 million.
For further information:
Recordati website: www.recordati.com
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.
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Source: RECORDATI via Globenewswire