FIMI Buys Rafa Laboratories for NIS 700m Valuation

FIMI Opportunity Funds has acquired from the Sackler family a 90% stake in Israeli pharmaceutical company Rafa Laboratories Ltd. at a company valuation of NIS 700 million. The Sackler family has sold its controlling 72% stake in the company probably because of the fallout from the opioid scandal where its bankrupt company Purdue Pharma faces huge claims for developing and marketing OxyContin, the branded opioid painkiller at the heart of the opioid affair in the US. The balance of shares are held by the Levin and Reshef families.

FIMI has a major healthcare portfolio including drug developer Kamada Ltd. (TASE: KMDA), Rekah Pharmaceuticals, medical services and logistics company Novolog, and medical devices marketing company Medtechnica. Last week it sold a 35% stake in medical device company Simplivia and retains a 65% stake.

Rafa, which was founded in 1937 by Dr. Baruch Levin, manufacturers generic pharmaceuticals for marketing in Israel. The Sackler family bought Rafa in 1973 and today the company’s annual revenue is estimated at NIS 500 million with profitability of 20%-25%, which is typical for pharmaceutical companies. The company has hundreds of employees and a factory in Jerusalem, which began operating in 2013. Rafa‘s CEO is Amir Levin, grandson of the founder.

Amir Levin said, “The entry of FIMI as the senior partner and leader of Rafa will allow the continued operations of the factory in Jerusalem and the promotion of Rafa‘s business in Israeli and overseas markets. This is a significant day in the long history of the company.”

About Rafa Laboratories

Rafa Laboratories is a pharmaceutical company that markets, manufactures, and distributes consumer health products and prescription and over-the-counter medicines, mainly proprietary formulations as well as generic formulations.

The company manufactures a wide variety of medications based on in-house development and through external agreements. Rafa Laboratories is also involved in marketing drugs produced by international corporations such as Dr. Falk Pharma, Helsinn Healthcare, Boehringer Ingelheim, Purdue Pharma, 3M Healthcare, United Therapeutics, and Mundipharma.  Rafa Laboratories  products cover a range of key specialty areas including:

  •     Pain
  •     Palliative Care
  •     Gastrointestinal
  •     Respiratory
  •     Dermatology
  •     Psychiatry
  •     Consumer health products, particularly for lice

Rafa’s products are marketed to all Israeli health care institutions – public hospitals and private clinics, HMOs and all pharmacy chains.

Rafa is part of the global Mundipharma/Napp network, a privately owned group of independent associated pharmaceutical companies.

Rafa Laboratories recently opened a CDMO (Contract Development & Manufacturing Organization) offering end-to-end services from product development to commercial manufacturing, the first of its kind in Israel. The CDMO offers  short-lead time, from small to medium scale batches for both fabless and established pharma customers. Rafa Laboratories is the the only pharmaceutical company in Israel with both development and manufacturing  capabilities to handle sterile products; both sterile and aseptic injectable liquids as well as formulations for combination devices (eg. Auto-injectors).

Source: Globes

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