Recordati has acquired Yeni Ilaç, a Turkish pharmaceutical company, and is paying 48 million euros as part of its strategy to expand in the emerging markets of central and eastern Europe.

Founded in 1927, Yeni Ilaç has a leading market position in the area of urology, the Italian drugmaker says, and is also engaged in contract manufacturing for other pharmaceutical companies. Headquartered near Istanbul, the company employs 300 staff, of which around 100 are reps.

Recordati says that Yeni Ilac “is very solid financially” and “sales have increased consistently over recent years”. For 2008, turnover is to be around 17 million euros and its operating profit margins are positive and in line with group margins.

The Turkish pharmaceutical market is the 13th biggest worldwide and “is in continuous expansion, with a growth rate of over 15% in recent years”, said the Milan-headquartered firm. It is already present in Turkey through licensing agreements with local companies and the acquisition “allows us to be present directly in a market with high growth rates, where, in addition, our products have already been present successfully for some time," said chief executive Giovanni Recordati,

He added that “we also intend to double the current field force of our new subsidiary” to adequately prepare for the launch of the new products, in particular its lercanidipine/enalapril combination for hypertension and pitavastatin, the cholosterol-lowerer developed by Japan’s Kowa that Recordati licensed the rights to earlier this week.