Actavis acquires remaining stake in Turkish pharmaceutical company

By Lisa Kerner

Erie, Pa., Jan. 23 - Actavis Group said it has acquired the remaining 11% stake in the Turkish generic pharmaceuticals company Fako for $20.4 million.

Fako now becomes a wholly owned subsidiary of the Actavis Group, according to a company news release.

In December 2003, Actavis acquired an 89% stake in Fako for an initial purchase price of $63 million. Actavis agreed to provide Fako up $15 million to assist its funding requirements.

Actavis acquired Alpharma's human generics business in December.

Fako, Turkey's fifth-largest generic pharmaceutical company, is based in Istanbul.

Hafnarfirdi, Iceland-based Actavis Group manufactures generic pharmaceuticals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.