Strides Arcolab has inked a 50-50 joint venture pact with Abdi Ibrahim, Turkey's largest and oldest pharmaceutical enterprise to start a new company 'Abdi Strides' which will introduce a range of specialty pharmaceutical products developed by the former for the Turkish and neighbouring markets.
The new initiative is expected to leverage the product pipeline and manufacturing capabilities of Strides along with the sales & marketing strengths of Abdi Ibrahim in Turkey, stated Arun Kumar, vice chairman & group CEO, Strides Arcolab Limited.
"Abdi Strides is another valuable partnership model. We are confident that this joint venture agreement will deliver outstanding results for stake holders of the two companies," he added.
According to Nezih Barut, chairman, Abdi Ibrahim, the agreement is a team-up of competencies and the partnership is valuable because it supports its vision in being a global company.
The Turkish pharmaceutical market with a population of 70 million is currently valued at US$ 6.6 billion and is amongst the fastest globally. Turkey is likely to join the EU in the near future.
Abdi Ibrahim, established in 1912, is Turkey's is privately held company and specializes in manufacturing and distributing finished dosage forms. The company operates in the Turkish, Algerian and other CIS markets. In 2005, the company reported sales in excess of $ 575 million.
Strides Arcolab Limited has a global presence in more than 50 countries. Its plants are located in India, USA, Poland, Italy, Brazil and Mexico. These units supply to regulated markets and are approved by US FDA, MHRA, TGA and MCC.