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Esteve Completes the Purchase of HRA Pharma Rare Diseases for 275 Million

Esteve has expanded internationally by acquiring HRA Pharma Rare Diseases from Perrigo Company plc, adding three drugs for treating Cushing’s syndrome and adrenocortical carcinoma. This €275 million investment enhances Esteve’s rare disease portfolio. In 2023, Esteve reported €710 million in revenue, up 10% from 2022, with notable growth in the EU and US markets.




Esteve consolidates its international expansion. The Catalan pharmaceutical company has completed the acquisition of HRA Pharma Rare Diseases, a business division specialising in rare diseases from Perrigo Company plc. Esteve thus expands its portfolio in the therapeutic area of ​​rare and serious diseases. Three new drugs for treating Cushing’s syndrome and adrenocortical carcinoma have been added to the current offering : Metopirone, Lysodren and Ketoconazole HRA.

HRA Pharma Rare Diseases is a company that has been operating in the sector for more than fifteen years in the area of ​​rare and serious diseases . “This acquisition allows us to accelerate our international expansion, strengthening our global presence and capacity to better meet unmet needs, thus improving the lives of more people,” highlights Staffan Schüberg, CEO of the Catalan laboratory.

With annual net revenues in 2023 of around fifty million euros, HRA Pharma Rare Diseases is present in a large number of European countries and in the United States with a team of 49 people. This agreement represents an investment of up to 275 million euros , and is structured in a fixed initial payment and future variable payments linked to revenue.

Esteve had a turnover of 710 million euros in 2023, 10% more than in the previous year

In mid-May, the Catalan laboratory presented its 2023 annual report, which reported net revenues of 710 million euros , representing a 10% growth compared to the previous year.

By region, revenues in Spain accounted for 25% of the total, with a growth of 2% compared to 2022. The rest of the European Union (EU) accounted for 49% of revenues, with an increase of 18%. Finally, the remaining 26% came from the rest of the world, with an increase of 9%, especially in the US market.

Esteve attributes this growth to a significant increase in the manufacturing activity of active pharmaceutical ingredients for third parties (CMO) and to the expansion of its portfolio in areas of specialized medicine. In this regard, investment in research and development (R&D) amounted to 38 million euros , including both product and industrial process innovation.

At the end of June, Esteve also began work to build a new manufacturing unit at its plant in Celrà (Girona), a project for which it plans to invest one hundred million euros by 2026. The company will thus expand the production capacity of active pharmaceutical ingredients at its main industrial centre.


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Eva Wesley is an experienced journalist, market trader, and financial executive. Driven by excellence and a passion to connect with people, she takes pride in writing think pieces that help people decide what to do with their investments. A blockchain enthusiast, she also engages in cryptocurrency trading. Her latest travels have also opened her eyes to other exciting markets, such as aerospace, cannabis, healthcare, and telcos.