Recordati has announced that it has acquired the Turkish pharmaceutical company Dr. F. Frik Ýlaç A.Þ based in Istanbul. The purchase will be completed by the Italian pharmaceutical company using only the liquidity available around the figure of 130 million euros. To close the transaction, the approval of the antitrust is still awaited. This is Recordati's second acquisition in Turkey after Yeni Ýlaç in December 2008.
The Turkish company, founded by dr. Feridun Frik, has 350 employees and 260 scientific representatives. Net sales in 2010 were around €100 million. Giovanni Recordati, chairman and managing director of the group, celebrated the operation: “It is an important step in view of expansion in Eastern Europe, an area where the market is growing at higher levels than elsewhere. Turkey – recalled the patron – is our third market after Italy and France. Growth of around 13% per year is expected. We count through the inclusion of our products to grow beyond the trend”.
