GEN Advances Toward Becoming a Global Player

GEN, one of the key players in the Turkish pharmaceutical sector, is taking major steps towards becoming a global player. GEN has signed an agreement with the State Oil Company of the Azerbaijan Republic (SOCAR) subsidiary Azerbaijan Investment Company (AIC) and pharmaceutical company SIA Pharmaceutical LLC to establish Azerbaijan's first pharmaceutical manufacturing facility. Since its foundation, GEN has produced solutions for unmet healthcare needs, becoming an important part of domestic production and achieving strategic successes on the path to becoming a global player through its investments. Operating effectively in Turkey, Germany, Russia, Kazakhstan, Uzbekistan, Azerbaijan and Georgia to date, GEN has signed another significant agreement for the sector. Having proven its reliability in Azerbaijan where it has operated for many years, GEN reached an agreement with Azerbaijan Investment Company (AIC), which is owned by the State of Azerbaijan.

Parties reach agreement

GEN, AIC and pharmaceutical company SIA Pharmaceutical LLC have signed a shareholders agreement for the establishment of Azerbaijan's first pharmaceutical manufacturing facility. Under the shareholders agreement signed in Baku, the parties agreed to establish Gen Pharma Caucasus Manufacturing Operations Ltd., in which GEN holds 66%, AIC holds 29%, and SIA Pharmaceutical LLC holds 5%. With this important agreement, a pharmaceutical manufacturing facility will be built on a 52,000 m² area within the Pirallahi Industrial Zone allocated by Azerbaijan. Thus, the first domestic manufacturing facility will be established in Azerbaijan's USD 900 million pharmaceutical market, which has been entirely dependent on imports until now. The large-scale manufacturing facility is expected to contribute to Azerbaijan's technological advancement in the pharmaceutical field and create significant employment opportunities for the country, while also enabling pharmaceutical exports to neighbouring countries in the coming period. The first phase of the factory, which will be implemented with a USD 36 million investment, is planned to have 14,000 m² of enclosed area. The facility, which is expected to reach full capacity by 2026, aims to produce 50 million boxes of pharmaceuticals annually in a single shift, in the form of tablets, film-coated tablets, hard gelatin capsules, soft gelatin capsules, powder suspensions, sachets and liquid formulations.

Will open its second facility abroad

GEN, which has a production area of 43,000 m² in the Ankara Organized Industrial Zone, will open its second facility abroad through this major global step. The company continues to take flexible and bold steps with its investments, technological infrastructure and experienced workforce, continuing to fulfil its commitment to strengthen its investments.