CVC Capital Partners and Groupe Bruxelles Lambert launched a $12.5 billion cash bid to take Italian drugmaker Recordati private, a deal that would delist the company from Euronext Milan. The consortium, which includes CVC as Recordati's controlling shareholder, aims to support the company's expansion in rare diseases. The tender offer values Recordati at 10.73 billion euros.

The bid prices Recordati at €51.29 a share, 13% above its level before CVC's approach surfaced in March. Including the €0.71 dividend paid this week, the offer reaches €52 a share. That edges below Thursday's closing price of €51.70, reflecting the market's reaction to the privatization plan.

Seven investors will back the consortium, including Abu Dhabi Investment Authority, CPP Investment Board, and Andrea Recordati. CVC submitted a nonbinding proposal to Recordati's board in March, which the current structure satisfies. For a company focused on rare diseases, going private removes public market pressure on development timelines.