ROME, March 30 /PRNewswire/ -- The shareholders of sigma-tau, one of the
leading Italian pharmaceutical groups, and Banca Intesa have signed an
Banca Intesa will increase sigma-tau share capital by about 70 million
euros (US$ 86 million) corresponding to a 5% stake. The total enterprise value
recognized is 1.5 billion euros.
Banca Intesa gave high consideration to sigma-tau's research activities in
Italy and abroad, to the number, originality and development stage of its
ongoing projects as well as to the group's patent portfolio.
The deal is part of a larger project to increase the value of sigma-tau,
with the aim of growing the business, increasing both the profitability of
current and future products and the investments in R&D projects, to which
sigma-tau allocates about 75 million euros (US$ 92 million) yearly. The
medium-term target is the internationalisation, with specific focus on the
North-American market, and the listing on a stock exchange market.
sigma-tau is the second largest pharmaceutical group with a wholly
Italian-owned capital, and the sixth largest pharmaceutical group operating on
the Italian market (ranking 2004), with a market share of 3.5%. The 2005
group's revenues amount to 674 million euros (US$ 822 million).
Claudio Cavazza, Chairman and founder of sigma-tau, has commented,
"Companies operating in advanced technology sectors with high growth
potential, such as the pharmaceutical industry, can only carry out their
development strategies both on the domestic and international markets through
alliances. Banca Intesa is our ideal financial partner and will give strong
support to our Group".
Corrado Passera, Managing Director and CEO of Banca Intesa, stated,
"Entering sigma-tau's equity illustrates perfectly our strategy towards
Italian companies. Our goal is to support the development of healthy companies
in Italy and abroad. sigma-tau plans to invest in innovation, has a global
strategy, reliable managers and wants to expand into foreign markets. When
Claudio Cavazza proposed us to join sigma-tau as a shareholder in this new
development phase, we gladly seized the opportunity."
The deal has been signed by Banca Intesa Corporate Division, headed by
Gaetano Micciche, operating in Italy and abroad and relying on over 3,000
professionals working for 16,500 large and medium size companies. The
Corporate Division, with investments of over 37 billion euros (US$ 45 bln),
supports companies and operates in several areas, such as the Advisory, M&A,
Structured Finance (leveraged finance, project finance, securitization),
Merchant Banking and Capital Markets in cooperation with Caboto.
The Advisory group of Banca Intesa Corporate Division has structured this
transaction together with sigma-tau management team. Studio Legale Carbonetti
acted as legal advisor for the company, while Studio Legale
Pavesi-Gitti-Verzoni was legal advisor for the investors.
sigma-tau was founded at the end of the 1950s and is one of the leading
Italian pharmaceutical groups. It employs 2,400 people, 400 of whom work in
R&D. Since its creation, the Group has made significant investment in Research
and Development activities. The Group focuses on the following therapeutic
areas: cardiovascular, metabolism, central and peripheral nervous system,
immunology and oncology. Particular significance in this latter area has
"Gimatecan," a novel anti-cancer compound. A major agreement was signed in
2003 with the Swiss multinational drug company Novartis, which acquired the
worldwide development and marketing rights for Gimatecan from sigma-tau.
Currently, sigma-tau's portfolio includes 48 projects in several
therapeutic areas; 10 NCEs (New Chemical Entities) are under investigation;
clinical trials are being conducted in 32 different indications with 16
proprietary molecules, 13 of which are "new and original." sigma-tau is
particularly proud of its R&D efforts in the area of "Rare Diseases" which is
being intensively developed by its US subsidiary, sigma-tau Pharmaceuticals,
The Group, headquartered in Pomezia (Rome), has subsidiaries in France,
Switzerland, the Netherlands, Germany, the USA (Gaithersburg, Maryland), as
well as in Spain and Sudan, where the Group runs two production facilities.
Finally, sigma-tau has recently established corporations in China for the
worldwide development of an anti-malarial drug deriving from Chinese