Sandoz Announces $80 Million Capital Increase for Investments in Turkey
Sandoz (SIX:SDZ), a company listed on the Swiss stock exchange and operating independently since October 2023, announced a capital increase of $80 million (2 billion 775 million TL) for its new investments in Turkey. Having been present in Turkey for nearly 70 years, Sandoz aims to use this amount to support the production capacity of its Gebze Factory and continue to add value to exports.
As Sandoz celebrates its first year as an independent company since October 2023, it continues to invest and launch products in both global markets and Turkey. The company, which has been operating in Turkey for almost 70 years, contributes to the development of the pharmaceutical sector, adds value to the country's economy, and enables access to medicines for patients in the country. Recently, the company decided to increase its investment in Turkey with an $80 million capital increase.
Sandoz aims to raise the production capacity of its Gebze Factory to 15 billion tablets. The company accounts for approximately 10% of Turkey's pharmaceutical exports. The Gebze Factory, one of Sandoz's most significant investments, is among the three largest facilities among the 18 key sites worldwide. Products produced according to Sandoz standards in the Gebze Factory are exported to about 60 countries, ranging from the UK to Canada. The factory, with a production capacity of 10 billion tablets per year, is working towards increasing its capacity to 15 billion tablets.
Cengiz Zaim, Country Head of Sandoz Turkey, commented on the $80 million new investment, stating, “Global and local conditions do not hinder our progress. We continue our investments, and our $80 million capital increase is a testament to this. We will use this investment, completed in September, to support the production capacity of our Gebze Factory. Therefore, we will focus on increasing our production and exports through this capital increase.” He added, “We produce 98% of the Sandoz standard products we sell in Turkey with local partners. Our local partnerships will continue to play an essential role in our efforts to contribute to the local market as a global company.”
Since 2005, Sandoz has been among the champions of pharmaceutical exports in Turkey. In 2023, it rose one position in exports and won the second prize, exporting $115 million last year, nearly doubling its export volume.
Sandoz stands out as the only company that has successfully become a truly equivalent and biosimilar company on a global scale. With over 22,000 employees, the company operates in more than 100 countries, providing over 400 generic drugs and currently 11 biosimilars. There are 25 biosimilar products in the development phase. Sandoz products reach over 800 million people each year, creating a projected social impact exceeding $400 billion annually worldwide.
Founded in 1886, Sandoz is a pioneer in access to treatment. The company works for a robust supply chain to ensure sustainable access to medicines and treatments under all circumstances, invests in its production network, and continues to scrutinize the entire supply chain meticulously.