Actavis acquires remaining stake in Turkish pharmaceutical company Fako
23.01.2006, Actavis Group (ICEX: ACT), the international generic pharmaceuticals company, today announces that it has acquired the remaining 11% stake in the Turkish generic pharmaceuticals company Fako for US$20.4 million. Fako now becomes a wholly-owned subsidiary of the Actavis Group.
Actavis acquired an 89% stake in Fako in December 2003 for an initial purchase price of US$63 million. In addition, Actavis agreed to provide Fako with up to US$15 million to assist its funding requirements.
Fako is Turkey’s fifth-largest generic pharmaceutical company, specialising in the development, production and sales of pharmaceuticals. It has a total workforce of around 1,200 employees. Along with its headquarters in Istanbul, the company has 10 sales offices throughout Turkey. Fako also develops and produces active pharmaceutical ingredients.
About Actavis Group
Actavis Group is one of the world’s leading generic pharmaceutical company’s, with operations in 32 countries and over 10,000 employees. Founded in 1956, the Group specialises in the development, manufacture and sale of generic pharmaceuticals. Actavis is headquartered in Iceland, with development and manufacturing facilities in three continents. Actavis’ acquisition of Alpharma’s human generics business, completed in December 2005, places the company among the five leading companies in the generic pharmaceuticals market.
- Contact Information
- Halldor Kristmannsson
- Corporate Communications Manager
- Actavis Group
- Contact via E-mail
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