(Tiper Stock Exchange) – Pierrelglobal provider of the pharmaceutical industry listed on Euronext Milan, expects revenues for fiscal year 2024 to double compared to those estimated for the current year, after the agreements to acquire from 3M Company of a number of contracts, authorizations and intellectual property rights as well as specific syringe and needle products related to marketed local anesthesia dental products. The operation aims at strengthen the presence of Pierrel on the international market with products that will complete the Orabloc own-brand dental anesthetic offer, offering more solutions to Pierrel’s customers.
The asset purchase agreement provides for the acquisition by Pierrel against a purchase price of $70 millionof which 3.5 million to be paid as an advance on the price and the remainder to be paid on the closing date.
In order to find the financial resources for the payment of the purchase price, the Board of Directors has delegated the chairman to convene the shareholders’ meeting to resolve on a share capital increase for a maximum amount of 70 million, including premium, to be offered as an option to shareholders, the completion of which is expected by the end of July 2023.
As far as Posillipo (controlling shareholder of Pierrel with a stake of approximately 51.30% of the share capital) has disbursed to the company an amount by way of financing amounting to 3.2 million in order to provide it with the resources necessary to pay the advance to 3M.
“The agreement with 3M Company represents a crucial step for the global strengthening of the business by Pierrel – commented theAD Fulvio Citaredo “Our stand-alone strategic growth plan will be well integrated and expanded with the closing of this acquisition, perfectly in line with our goal of expanding our own brand product sales volumes in several countries.”
“At the end of the transition period with 3M Company, necessary for the finalization of the technology transfer, Pierrel will be able to produce the assets at the owned factory located in Capuathe subject of major investments aimed at significantly increasing its production capacity to meet the growing demand for products in all markets”, he added.