"This transaction supports our growth strategy and strengthens our business with a broad portfolio of branded products," said Bedri Toker, General Manager of Nycomed Turkey. "The portfolio includes medicines for pain, gastrointestinal diseases as well as pharmacy products and is therefore an excellent fit with Nycomed’s key therapeutic areas."
Turkey is the six-largest pharmaceutical market in Europe, but is relatively fragmented. According to IMS Health, Turkey is expected to see double-digit growth on average through 2013.
Nycomed began to operate directly in Turkey in January 2010, opening an affiliate in Istanbul. Since then it has repatriated its products Pantpas® (pantoprazole) for GI disorders and Xefo® (lornoxicam), a product for pain treatment. Recently, Nycomed Turkey received marketing authorization for Daxas® (roflumilast) for COPD treatment and plans to launch the product in the coming months. The company is actively evaluating a number of co-promotion and in-licensing opportunities to further strengthen its position in the important Turkish market.
Financial details of the agreement were not disclosed.
Nycomed is a privately owned global pharmaceutical company with a diversified portfolio focused on branded medicines in gastroenterology, respiratory and inflammatory diseases, pain, osteoporosis and tissue management. A range of OTC products completes the portfolio.
Its R&D is structured around collaborations. In-licensing and expanding in emerging markets are cornerstones of the company's growth strategy.
Nycomed employs 12,500 associates worldwide, and its products are sold in more than 100 countries. It has strong platforms in Europe and in fast-growing markets such as Russia/CIS, Latin America, Asia and the Middle East. In the US and Japan its products are available through best in class partners.
Headquartered in Zurich, Switzerland, the company generated total sales of € 3.2 billion in 2010 and an adjusted EBITDA of € 851 million.