Recordati SpA has signed an agreement to acquire FIC Medical, a pharmaceutical company active in Russia and other CIS countries, from the French group FIC for 12 million euros

FIC Medical registers and promotes Pharma products for other companies via its presence in Russia, Ukraine, Byelorussia, Kazakhstan, Giorgia, and via programmes in Armenia and Azerbaijan. The FIC Medical organization will be the base for Recordati to develop its own activities in these strong growth markets.

In the next years, we foresee a significant growth of sales via the enriching of the product portfolio with Recordati products. In 2007, Recordati sold 13.7 million euro of its products using the services of FIC Medical, up strongly from the previous year, it said.

Russia is the seventh largest pharma market in Europe, with an average annual growth rate of 25 percent in the last five years, it said. FIC Medical, which has headquarters in Paris, employs 200 staff. In February, Recordati said it was close to a small acquisition in Russia as part of expansion in eastern Europe.