Recordati secures Ionis neurology deal, shares in focus for rare disease expansion

Recordati has agreed to acquire ex-US rights to Ionis Pharmaceuticals' investigational neurology drug zilganersen, expanding its rare disease pipeline and future revenue potential as investors watch the shares.

By Stefan Krueger, Long-Term & Business Model desk. Reviewed prior to publication on 2026-06-27, 09:09.

Recordati (IT0003828271) has signed a license agreement with Nasdaq-listed Ionis Pharmaceuticals for ex-US rights to the investigational neurology drug zilganersen. The deal adds a new long-term growth option in rare diseases for the Milan-based group as it builds beyond its established specialty portfolio.

What the Ionis deal covers

According to a recent Nasdaq summary, Ionis will grant Recordati exclusive rights to develop and commercialize zilganersen outside the United States. The antisense therapy is being evaluated for Alexander disease, a progressive and often fatal rare neurological condition with limited treatment options.

Under the agreement, Recordati will assume responsibility for regulatory filings and commercialization of zilganersen across ex-US markets, while Ionis retains exclusive commercialization rights in the US. Ionis will receive a $30 million upfront payment plus potential milestone payments and tiered royalties of up to the mid-20% range on annual ex-US net sales.

Long-term pipeline and strategy

The Ionis transaction fits Recordati's strategy of expanding in rare diseases and specialty care, alongside peers such as Ipsen and UCB in the European specialty pharma space. The structure of upfront, milestones and royalties spreads the economic risk over time, typical for licensing deals in orphan neurology.

Alexander disease is classified as an ultra-rare leukodystrophy, which means patient numbers are low but pricing and reimbursement can be robust when therapies meet clear unmet medical need. Recordati's experience in rare endocrinology and metabolic disorders gives it a commercial platform in Europe that can be leveraged for neurology, supporting potential long-term revenue contributions if regulatory approvals are secured.

The product behind the stock

Recordati generates most of its revenue from prescription medicines in cardiovascular, urology and rare diseases, with products such as pitavastatin for cholesterol management and several orphan therapies in endocrinology and metabolic indications. The addition of zilganersen broadens this portfolio into rare neurology, complementing existing orphan assets.

Where the stock trades today

Recordati shares (IT0003828271) trade on Borsa Italiana in Milan, where they most recently changed hands at around 47 euros per share in late June 2026, giving the company a multi-billion-euro market capitalization in the European specialty pharma sector.

Recordati at a glance

• Company: Recordati S.p.A.
• ISIN: IT0003828271
• WKN: 756450
• Ticker: REC
• Trading venue: Borsa Italiana
• Price (as of 2026-06-26, 15:30): 47.00 euros
• Market cap: 10.0 billion euros (as of 2026-06-26)
• Sector / industry: Pharmaceuticals / Specialty Pharma
• Index membership: FTSE Italia Mid Cap
• Next earnings date: 2026-07-31

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a recommendation or a solicitation to buy or sell any securities. Data and assessments are based on sources believed to be reliable but cannot be guaranteed.