Recordati acquires Turkish drug producer

Today’s Zaman - Italian pharmaceuticals company Recordati has signed an agreement to acquire Yeni Ilac, a Turkish pharmaceutical company, for 48 million euros. In a statement Recordati noted that the purchase price will come from its own funds. The completion of the transaction, expected to take place before the end of 2008, is subject to the clearance of the relevant competition authorities, the statement said. Founded in 1927, Yeni Ilac is a well-known Turkish pharmaceutical company dedicated to the production, marketing and sales of both proprietary and licensed drugs. "The acquisition of Yeni Ilac allows us to have a direct presence in a market with high growth rates, where, in addition, our products have already had a successful presence for some time," said Giovanni Recordati, the company's chairman and CEO. "The acquisition of Yeni Ilac represents a further step ahead in our strategy, which we confirm and intend to strengthen, to develop the direct presence of our group in the emerging markets of Central and Eastern Europe," he added.