Strides forms JV with Turkish firm

Strides Arcolab, a manufacturer and exporter of pharmaceutical products, and Abdi Ibrahim, a pharma firm based in Turkey have announced the signing of a 50-50 joint venture agreement to introduce a range of specialty pharmaceutical products developed by Strides for the Turkish and neighbouring markets.

The new company will be called Abdi Strides and will leverage the product pipeline and manufacturing capabilities of Strides and the sales & marketing network of Abdi Ibrahim in Turkey.

Arun Kumar, vice chairman & group CEO, Strides Arcolab said "Abdi Strides is another key milestone in our value partnership model. We are confident that this joint venture agreement will deliver outstanding results for stake holders of both Abdi Ibrahim and Strides".

Chairman of Abdi Ibrahim Nezih Barut stated that "this partnership is valuable for us since it strongly support our vision being a global company. With this agreement we are combining the strong competencies of both companies".

The Turkish pharmaceutical market with a population of 70 million is presently valued around $6.6 billion and is amongst the fastest growing pharmaceutical markets in the world. Turkey is likely to join the EU in the near future.