Alliance Unichem takes a Turkish stake.(Brief Article)

Cosmetics International, January, 2001

Alliance Unichem has acquired a 25% stake in Hedef Holdings, the leading pharmaceutical wholesaler in Turkey, for 45.9mn [pounds sterling]. The company has also taken an option to buy a further 25% of the current share capital of Hedef at any time within 30 months of completion of the transaction for 80.7mn [pounds sterling], and now hopes to build on its position in European markets.

Hedef is a privately owned company which has grown rapidly since it was formed in 1987, and now has a wholesale market share in Turkey of over 40%. The Turkish pharmaceutical market is currently valued at 1.7bn [pounds sterling], and future growth is expected. Jeff Harris, ce of Alliance Unichem said, "We have been looking at the Turkish market and talking to Hedef for some time,...