Fine Foods & Pharmaceuticals NTM spa - deal consideration is EUR 23.4 mln based on enterprise value of EUR 27 mln

Fine Foods & Pharmaceuticals N.T.M. SpA (FF.MI) has entered into a binding agreement to acquire 100% of Sofar Spa, a subsidiary of Alfasigma Spa, for an enterprise value of EUR27 million. The deal consideration amounts to EUR23.4 million, reflecting the company’s strategic focus on expanding production capabilities and enhancing its service offerings in the pharmaceutical sector.

Sofar, based in Trezzano Rosa, Milan, reported net revenues of EUR31.8 million and an EBITDA of EUR8.9 million in 2025. The acquisition is expected to strengthen Fine Foods’ position as a Contract Solutions Development & Manufacturing Organization (CSDMO), particularly in liquid and semi-solid pharmaceutical forms, which are not currently part of its industrial scope.

The transaction will be structured under a long-term contract manufacturing agreement, ensuring continuity in production and supply for Alfasigma. Fine Foods’ shares rose 2.2% following the announcement, trading at EUR9.20 per share. The company’s current market capitalization stands at EUR196.78 million, with a P/E ratio of 27.07 and an EV/EBITDA ratio of 5.59. Analysts have provided a positive outlook, with a 12-month average price target of EUR13.43, representing a potential upside of over 50% from the current share price.