Turkey’s Toksöz Group has divested a 30 percent stake in drugmaker Sanovel to Luxembourg-based Yamma Investments for a total consideration of $200 million.
The sale of the minority stake would allow spending on research and development of new products and investments for exports, Toksöz said, adding that Yamma Investments is led by London-based Metric and its local partner Afendis Capital Partners.
The transaction will be completed after regulatory approval is obtained.
The drugmaker’s annual production capacity is 300 million boxes.
Sanovel has been operating in the pharmaceutical industry for over 30 years.
It provides services in fields such as the cardiovascular system, respiratory system, central nervous system, antidiabetic, anti-asthmatic, and veterinary, and animal health products.
Toksöz Group has interests in the pharmaceutical, consumer goods, and energy sectors as well as in the areas of baby nutrition and over-the-counter (OTC) products.
The size of the Turkish pharmaceutical industry reached 37.8 billion Turkish Liras (around $6.35 billion) and 2.3 billion units sold in the first nine months of 2019, according to data from the Pharmaceutical Manufacturers’ Association (IEIS).
The size of the local market grew from 13.4 billion liras and 1.6 billion units in 2010 to 30.9 billion liras and 2.3 billion units in 2018.
According to IEIS, there are 70 drugmakers in Turkey, of which 14 are international companies.