Private equity firm CVC Capital Partners and Belgian investment holding Groupe Bruxelles Lambert (GBL) have launched a joint tender offer valued at approximately 10.7 billion euros to acquire Italian pharmaceutical group Recordati and take it private (per Reuters via TradingView).
Offer terms
The consortium is offering 51.29 euros per share in cash, a premium of roughly 13 per cent over Recordati's undisturbed share price before takeover interest was first reported in March (per PharmaShots and Bloomberg). The plan is to delist the company from Borsa Italiana in Milan after the offer settles.
Who is in the consortium
GBL is contributing about 1.3 billion euros, marking one of the largest single deployments in its strategy shift toward private assets (per Belga News Agency). Funds linked to the Abu Dhabi Investment Authority (ADIA) and the Canada Pension Plan Investment Board (CPP Investments) are also participating in the equity, while Recordati chairman Andrea Recordati is expected to roll a portion of his existing stake into the new ownership structure.
About Recordati
Founded a century ago and headquartered in Milan, Recordati develops prescription medicines and treatments for rare diseases. The group reported revenues of 2.62 billion euros in 2025, with continued growth in its rare-disease franchise. Isturisa, used to treat Cushing's syndrome, has been one of the standout products in that portfolio (per PharmaShots).
Why a take-private now
Industry coverage of the bid points to two drivers: long-cycle investment needs in the rare-disease pipeline that can be hard to defend against quarterly public-market scrutiny, and the maturing appetite of long-duration sovereign and pension investors for stable cash-generative healthcare assets (per Yahoo Finance and Bloomberg). The ADIA participation extends the Abu Dhabi sovereign's deep existing exposure to global pharmaceutical and life-sciences platforms.
Timeline
The deal is expected to close in late 2026, subject to antitrust and foreign-investment regulatory approvals across the European Union, Italy and other jurisdictions where Recordati operates. The Italian regulator Consob will oversee the tender process on the Milan exchange.
