Recordati agrees to acquire Frik Ilac

Frik Ilac 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.

This is the second acquisition Recordati has made in Turkey, where it acquired Yeni Ilac late in 2008.

Recordati chairman and CEO Giovanni Recordati said the acquisition of Frik Ilac is an important step forward in their strategy to increase business in the emerging markets of Central and Eastern Europe, where the pharmaceutical market is growing at rates significantly greater than those of the Western European market.

"This market is expected to continue growing at average rates of between 10 and 13% in the next few years and we believe that, thanks to the addition of the new products acquired to our portfolio and the launch of our corporate products, the growth of our Turkish operations will exceed the market trend," Recordati said.

The closing of the transaction is subject to certain conditions, including clearance by the relevant competition authorities.