Italian drugmaker Recordati acquires Turkey's Yeni Ilac
Güncelleme Tarihi:
Italian drugmaker Recordati acquired Turkish pharmaceutical company Yeni Ilac for 48 million euros, the company said on Wednesday.
A sales agreement was signed between the two companies and legal procedures would be completed by the end of the year, Recordati said.
Recordati, products have already been present in Turkish market but the company plans to run its own sales operations after the acquisition of Yeni Ilac.
Recordati Chairman Giovanni Recordati said that his company plans to double its sales in fast-growing Turkish pharmaceuticals market by the help of new products for treatment of cardiovascular and urological diseases.
Recordati, established in 1926, operates in the main European countries, and employs a total staff of over 2,400. Its consolidated revenue for 2007 was 628.4 million euros, while operating income was 131.5 million euros and net income was 84.9 million euros.