The board of Italian drugmaker Recordati has judged the €51.29 per share takeover offer from CVC Capital Partners and Groupe Bruxelles Lambert to be fair from a financial standpoint, valuing the company at around €10.7bn in one of Europe's largest healthcare deals this year.

The consortium includes CVC's vehicle Rossini, which holds a 46.82% stake, alongside Belgian investor GBL, Abu Dhabi Investment Authority subsidiary Luxinva, Canada Pension Plan Investment Board, and chairman Andrea Recordati. However, independent directors dissented, signaling reservations about whether minority shareholders receive full value despite the wider board's fairness opinion.

Recordati grew 2025 revenue 8.3% to €2.62bn, driven by products like Cushing's syndrome therapy Isturisa, and seeks further licensing deals. The offer represents a roughly 13% premium to the March 25 share price and aims to delist the group from Euronext Milan, funded partly through a novel securitisation-based lending structure in Italy.

With the board's reasoned opinion published, focus shifts to the acceptance period and whether the consortium secures enough minority participation. The transaction targets a Q4 2026 close, pending regulatory approvals.