Zentiva to buy stake in Eczacibasi unit |
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Mon, 05 Mar 2007 15:00
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PRAGUE, Czech Republic (AP) - Czech pharmaceutical company Zentiva AS said Monday it agreed to buy a majority stake in the generic drug business of Turkey's Eczacibasi for euro460 million (US$606.2 million) in cash as it seeks to broaden its geographical range.The acquisition of the 75 percent stake makes Zentiva the third-largest generic drug company in Turkey. Eczacibasi Generic Pharmaceuticals posted sales of 362.3 million Turkish lira (euro200.9 million; US$254.1 million) in 2006.Zentiva makes and sells generic drugs in Central and Eastern Europe. Zentiva's products are intended for pain treatment, cardiovascular diseases, disorders of the central nervous system, digestive system, urinary tract and genital system, and treatment of respiratory diseases.'Turkey is one of the most dynamic pharmaceutical markets globally and Eczacibasi Generic Pharmaceuticals provides us with a market-leading position,' said Chief Executive Jiri Michal.Zentiva shares added 0.2 percent to 1,218 Czech koruna (US$57.15; euro43.29) on the Prague stock exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Czech pharma Zentiva buys 75 pct stake in Turkey's Eczacibasi for 460 mln eur 