Strides Arcolab

Mumbai, June 12 (UNI) Strides Arcolab Ltd has informed BSE that, the Company&Abdi Ibrahim, Turkey's largest Pharmaceutical Company announced the signing of a 50-50 joint venture agreement to introduce a range of specialty pharmaceutical products developed by the Company for the Turkish and neighbouring markets.

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

Arun Kumar, Vice Chairman&Group CEO, of the Company stated ''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''.

The Turkish Pharmaceutical market with a population of 70 million is currently valued at USD 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.

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