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Marketwire - Recordati announces the successful conclusion of its acquisition of Yeni Ilac, a Turkish pharmaceutical company with headquarters near Istanbul, following clearance from the relevant competition authorities. The total consideration of the acquisition is EUR 48 million.
Yeni Ilac is a well known Turkish pharmaceutical company dedicated to the production, marketing and sales of both proprietary and licensed drugs. The company has a leading market position in the area of urology. The company is also engaged in contract manufacturing for other pharmaceutical companies. Yeni Ilac employs 300 personnel, of which around 100 are medical representatives. Yeni Ilac is very solid financially and its sales have increased constantly over recent years. In 2008, the company’s sales are expected to be around EUR 17 million.
Recordati, established in 1926, is a European pharmaceutical group, listed on the Italian Stock Exchange, with a total staff of over 2,400, dedicated to the research, development, manufacturing and marketing of pharmaceuticals. It has headquarters in Milan, Italy, operations in the main European countries, and a growing presence in the emerging markets in the Eastern Europe.