Recordati of Italy has completed the acquisition of Turkish pharmaceutical firm Yeni Ilac for 48 million euros.

The Milan-based group says that the purchase of Yeni Ilaç represents part of its strategy to expand in the emerging markets of central and eastern Europe. Founded in 1927, Yeni Ilac’s sales are expected to reach around 17 million euros and the firm, which is headquartered near Istanbul, employs 300 staff, of which around 100 are medical representatives.

Conclusion of the deal comes days after Recordati noted that group revenues are expected to grow to 780-800 million euros in 2011 from 690 million euros this year, driven by new products and recent acquisitions.

Presenting its business plan for 2009-2011, Recordati said revenues in 2009 will be around 750 million euros but will fall to around 700-720 million euros in 2010 due to the patent expiry on blood pressure drug Zanidip/Lercadip (lercanidipine) in the main European countries.

Net profits are expected to reach 102-105 million euros in 2011 from about 100 million euros this year, while the company will invest about 9%-10% of sales on R&D. Chief executive Giovanni Recordati said the firm has the ability “to maintain a good level of profitability…through the careful management of resources", adding that “we will continue with our acquisition policy to add impetus to both sales and profits growth."