milan : REC

September 15, 2011 03:49 ET

Recordati Finalizes Its Acquisition of Frik Ilac in Turkey

MILAN, ITALY--(Marketwire - Sep 15, 2011) - Recordati announces the successful conclusion of the acquisition of 100% of the share capital of Dr. F. Frik Ilac A.S., a Turkish pharmaceutical company with headquarters in Istanbul, disclosed on 1 July last, following, among others, clearance from the relevant competition authority in Turkey. The value of the transaction (enterprise value) is of around $ 130 million of which $ 74,5 million were paid at the closing. Of the remaining balance a portion will be paid in tranches on future due dates and a portion comprises the company's debt.

Frik Ilac was founded by Dr. Feridun Frik 64 years ago and has been one of the fastest growing pharmaceutical companies in Turkey. The company has a core portfolio of original prescription products both in primary care and specialist areas and employs 350 personnel, of which around 260 are medical representatives. Net sales in 2010 were of around YTL 100 million. The balance sheet of the acquired company will be consolidated in the Recordati group financial statements at 30 September 2011 while the income statement will be consolidated as from 1 October 2011.


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Source: RECORDATI via Thomson Reuters ONE


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