Esteve buys French HRA, specialized in rare diseases, for 275 million

Esteve has signed an agreement to acquire the French company specializing in rare diseases HRA Pharma Rare Diseases. The operation, which amounts to 275 million euros, is the first for the Barcelona-based family company after the entry of the German group Lubea into its shareholding, with 26% of the capital to accelerate its growth and international expansion.

Specifically, the Catalan pharmaceutical company has signed the binding offer to acquire HRA Pharma RD with Perrigo Company, and the purchase will become effective after the required consultation with HRA's works council, with the expectation that the transaction will close during the third quarter of this year. The investment of 275 million will be executed through an initial fixed contribution and future variable payments linked to revenues.

With this transaction, Esteve will expand its portfolio in the therapeutic area of rare and serious diseases, with three new medicines. Specifically, these are Metopirone, Lysodren, and Ketoconazole HRA, which address Cushing's syndrome and Adrenocortical Carcinoma. HRA Pharma RD has been developing treatments for rare diseases like these for more than 15 years. With annual net revenues in 2023 of around 50 million euros, HRA's rare diseases division has a presence in multiple European countries and the United States.

The acquisition of this HRA division represents "a step forward in the path of covering unmet medical needs," according to Esteve's CEO, Staffan Schüberg. Furthermore, "it represents another step towards the vision of being an international pharmaceutical company, a leader in specialized medicine areas," he assures. Patrick Lockwood-Taylor, President and CEO of Perrigo, which in turn acquired HRA Pharma two years ago, also highlighted this operation and the "growth trajectory and international presence" of the Catalan company.