Belgian investor GBL joins 10.7bn euro bid for Italian pharma group Recordati
Belgian investment company Groupe Bruxelles Lambert (GBL) has teamed up with private equity firm CVC Capital Partners to launch a 10.7 billion euro takeover bid for Italian pharmaceutical company Recordati.
The consortium is offering 51.29 euros per share in cash, with plans to take Recordati private and remove it from the Milan stock exchange. The offer represents a premium of nearly 13 per cent compared with the company’s share price before takeover interest first became public in March.
Recordati, founded 100 years ago, is known for prescription medicines and treatments for rare diseases. The company reported revenues of 2.62 billion in 2025, with strong growth in its rare disease business, including the drug Isturisa, which is used to treat Cushing’s syndrome.
GBL described the deal as its largest healthcare investment so far. The Brussels-based group says the partnership fits its strategy of investing in major European companies with long-term growth potential.
The bid is backed by several large international investors, including funds linked to the Abu Dhabi Investment Authority and the Canada Pension Plan. Existing major shareholder Rossini, which controls almost 47 per cent of Recordati, has already agreed to support the takeover.
CVC and GBL say Recordati will benefit from private ownership as it enters a new growth phase requiring larger investments in research, acquisitions and rare disease treatments. The deal is expected to be completed in late 2026, subject to regulatory approval.
Illustration © PHOTO PATRICK T FALLON / AFP
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