Hogan Lovells advises Recordati on the acquisition of Enjaymo® for a consideration of US$825 million plus additional commercial milestone payments of up to US$250 million

Recordati is an international pharmaceutical group headquartered in Italy and listed on the Italian Stock Exchange. It is uniquely structured to bring treatment across specialty and primary care and rare diseases.

Enjaymo® is the only approved targeted product for the treatment of cold agglutinin disease (CAD), a rare B-cell lymphoproliferative disorder. Enjaymo® generated approximately €100 million in revenue over the last 12 months (as of August 2024) and is expected to generate revenue in excess of €150 million in FY 2025, with a peak sales potential of €250-300 million, more than double current levels.

Under the terms of the agreement, Recordati will make an upfront payment of US$825 million and additional commercial milestone payments of up to US$250 million if net sales reach certain thresholds at or above the top end of peak year sales expectations. The transaction is expected to close by the end of 2024, subject to regulatory clearances.

The Hogan Lovells team advising Recordati was led partner Francesco Stella (Milan), partners Mahvesh Qureshi, Gabrielle Witt (both Washington, D.C.), and Derrik Forshee (Baltimore) (all Mergers ＆ Acquisitions). Other members of the core deal team included partner Penny Powell (Strategic Operations, Agreements and Regulation (SOAR), London), senior associates Julia Wahl (Mergers ＆ Acquisitions, Washington, D.C.) and Samantha Seiden (Mergers ＆ Acquisitions, Los Angeles), corporate associate Marina Massaro (Private Equity Transactions, Milan), and Bea Watts (Pharmaceuticals ＆ Biotechnology, London).