GEN İlaç Advances Toward Becoming a Global Player

Gen İlaç ve Sağlık Ürünleri Sanayi ve Ticaret A. Ş. (GEN) received approval for its initial public offering. GEN's IPO will be conducted under the code GENIL between 28-30 July. GEN Chairman of the Board Abidin Gülmüş, noting that the IPO process is intended to increase investments and strengthen the company's position in the sector, provided information about the company's standing in the industry during an online meeting. Gülmüş said, "GEN is advancing rapidly on the path to becoming a global player." Gülmüş stated that the process began with the Capital Markets Board (SPK) approving the prospectus filing for GEN's share offering, and said that as a company they are very excited and have high expectations. Noting that as GEN they are trying to offer new treatment options to people with rare diseases, Abidin Gülmüş conveyed that with their first drug license in 1999, they charted a bold and innovative roadmap for themselves. Gülmüş said, "At the point we have reached today, if an international biotechnology company wants to enter the Turkish market, it must necessarily go through GEN. We take justifiable pride in being the first company that comes to mind when it comes to treatment of rare diseases." Gülmüş stated that they are currently continuing their work and investments with 20 partners in many countries including Turkey, Russia, Azerbaijan, Kazakhstan and Uzbekistan.

Gülmüş noted that with 23 years of experience, investments, R&D activities and international partnerships, they have taken solid steps in the pharmaceutical sector and aim to accelerate these steps. Speaking about their biggest target, "Our greatest goal is to reach a position where we can export 70 percent of the products we manufacture within a 3-year period," Gülmüş conveyed that a large portion of the revenue from the IPO will be spent on becoming a global player.

Gülmüş also added that they are awaiting approval from the FDA (U.S. Food and Drug Administration) and EMA (European Medicines Agency), stating, "We want to do what has not yet been done in Turkey; to show that we have brought to the use of the entire world a product on which Phase 1-2-3 studies have been conducted in Turkey starting from preclinical studies. We know that we can do this thanks to our experience to date, our expert team and our investments which will expand with the IPO. Our only goal is to grow." Providing information about the IPO, Gülmüş conveyed that GEN's share with a nominal value of TRY 1 has been determined to have an IPO price of TRY 10.75. Gülmüş said, "In the IPO to be conducted on 28-30 July under the leadership of OYAK Yatırım, the proportional distribution method will be applied for domestic individual investors." Source