USD 85 Million Equivalent to Euro Loan from İşbank and TSKB for the Acquisition of Gensenta Pharmaceuticals, which Eczacıbaşı will Bring to Local Production

27 October 2022
- 3 min. Read

EİS Eczacıbaşı İlaç Sınai ve Finansal Yatırımlar is acquiring Gensenta Pharmaceuticals from California-based Amgen Global Finance B.V. İşbank and TSKB are co-financing the Eczacıbaşı Group’s acquisition with a USD 85 million equivalent to Euro loan.

İşbank and TSKB provided an acquisition financing package of USD 85 million equivalent to Euro loan for the acquisition by Eczacıbaşı Group in the pharmaceutical sector. With this transaction for the acquisition of Gensenta Pharmaceuticals by EİS Eczacıbaşı İlaç, Sınai ve Finansal Yatırımlar Sanayi ve Ticaret A.Ş. from California-based Amgen Global Finance B.V., Eczacıbaşı Group strengthens its role in the pharmaceutical manufacturing sector.

For a total purchase price of USD 135 million, İşbank and TSKB are providing loan support of USD 50 million equivalent to Euro and USD 35 million equivalent to Euro, respectively. The acquisition financing of USD 85 million equivalent to Euro is planned to be made available with a total maturity of 5 years, 1 year of which will be a grace period.

TSKB CEO Murat Bilgiç: “As the Bank that financed the Eczacıbaşı Group’s first pharmaceutical factory, this acquisition has a special importance for us”

In his assessment at the signing ceremony, TSKB CEO Murat Bilgiç said, “This loan agreement we signed today as three institutions has a special importance for TSKB. The Eczacıbaşı Group’s first pharmaceutical factory was also financed by TSKB in the 50s, and Mr. Nejat Eczacıbaşı, who joined the TSKB Board of Directors representing the industrial sector in the following years, continued to serve in this position until 1957. It is indeed a source of pride to see that the companies whose investments we have supported while the domestic industry was being established in our country have now become valuable brands. In this context, I would like to emphasize that it is meaningful and pleasing that our Bank, having financed the first investment of Eczacıbaşı Group, one of the most important groups in our economy, in the pharmaceutical manufacturing sector, which is of strategic importance in our country’s industry, is also involved in this important acquisition, which means the group’s return to the sector as a manufacturer.  At a time when the business and finance world is undergoing a significant transformation towards a green economy and social inclusion, I find it extremely valuable that the co-financing we have provided as İşbank and TSKB will directly contribute to two of the UN Sustainable Development Goals, namely ‘Good Health and Well-Being and ‘Decent Work and Economic Growth’. I hope that our loan agreement and the acquisition will be beneficial for our country and our institutions, and I hope that our productive cooperation with the Eczacıbaşı Group, with which we share the same values towards sustainability, will continue to increase.”

İşbank CEO Hakan Aran: “A loan befitting the brand and mission of our bank”

İşbank CEO Hakan Aran emphasized that they are pleased to contribute to such a special acquisition that supports domestic production in the pharmaceutical sector, which directly concerns human and public health and whose importance has increased much more after the pandemic, and said, “In order to create a healthy society and sustain a healthy life, it is of great importance to establish and strengthen our local production facilities and to develop the pharmaceutical industry in our country. I believe that Turkish companies’ investments, partnerships and acquisitions in the pharmaceutical sector can open new doors and create fresh opportunities both in meeting the need in this field and in our country’s exports. I find the Eczacıbaşı Group’s acquisition extremely valuable in this respect. I believe that the transaction, which will contribute to the sector and the national economy, will also increase the competitiveness of the Turkish pharmaceutical industry in the international arena. After 70 years, it is also meaningful for us, as the İşbank Group, to engage with the Eczacıbaşı Group in such meaningful work befitting our brands and our mission.”

Eczacıbaşı Group CEO Atalay Gümrah: “A significant support to reach our goals”

Emphasizing that the acquisition of Gensenta is an important step in strengthening the Eczacıbaşı Group’s presence in Turkey and international markets, Eczacıbaşı Group CEO Atalay Gümrah commented, “We would like to thank İşbank and TSKB for contributing to the financing of this acquisition. As Mr. Bilgiç and Mr. Aran emphasized, the cooperation of our institutions goes back 70 years to the Eczacıbaşı Group’s establishment of the first modern pharmaceutical factory in Turkey. I believe that such important and meaningful collaborations will continue to contribute to the development of industry, employment and exports in our country with our future investments as they have in the past.”

Stating that as an organization that adopts the principle of being the pioneer of modern, quality and healthy life, they plan to increase their activities both in Turkey and in foreign markets with a wide range of products and innovative medicines in different therapeutic areas, Gümrah said, “We are pleased to have the support of two distinguished institutions in this step we have taken to achieve these goals, which is of great importance for both our Group and the national pharmaceutical industry, and I am sure that our cooperation will continue to grow in different business areas.”