Takeda Pharmaceutical Company Limited and Neutec Ilac Sanayi Ticaret, a Turkish pharmaceutical company specializing in branded generics, report that Takeda's wholly owned subsidiary, Takeda GmbH, and Neutec have signed an agreement to obtain a select portfolio from Neutec, composed of 13 products in the gastroenterology, respiratory, metabolic and musculoskeletal therapeutic areas, through the acquisition of Neutec Toplam Kalite Yonetimi Sanayi Ticaret Anonim Sirketi, a group company of Neutec in Turkey. The transaction is expected to be finalized during the first quarter of fiscal year 2015.

Closing of the acquisition is subject to the satisfaction of certain condition. Upon closing, Takeda would acquire the select Neutec portfolio in cash for up to Turkish Lira (TRL) 300 million ($119 million), including milestone payments. Under the agreement, the products will continue to be manufactured locally by Neutec. This acquisition is expected to support Takeda’s growth strategy and enhance its position in Turkey, adding complementary products to its existing gastroenterology, respiratory, metabolic and musculoskeletal portfolio to better cater to the medical needs of patients in Turkey, particularly in acute and chronic diseases. This transaction will also increase Takeda's investment in Turkey, where the company has been operating for the last five years. Takeda now has more than 130 employees and two offices in Turkey. The acquisition will add 100 new positions.

Source: Takeda