Turkish firm buys stake in Global Pharm

ISTANBUL - Anatolia News Agency

Turkish pharmaceutical giant Abdi İbrahim has acquired a 60 percent stake in Kazakhstan’s largest pharmaceutical company, Global Pharm. Abdi İbrahim has also signed an agreement with the Kazakh firm to invest in a production facility. The facility is expected to become operational by the end of 2014, according to a company statement.

“With the new company arising from this merger we expect to reach a turnover of $85 million in 2019,” said Abdi İbrahim’s President Nezih Barut.

This move is part of Abdi İbrahim’s goal to become a major global player and more specifically to increase its presence in the Commonwealth of Independent States (CIS).