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English
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Evet (Yes)
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Hayır (No)
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03.05.2023
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Hayır (No)
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-Unofficial Translation- Within the framework of cooperation agreement signed between GEN and AIC (Azerbaijan Investment Company) which all of its shares owned by the Republic of Azerbaijan and disclosed on 03 May 2023 ( https://www.kap.org.tr/en/Bildirim/1146270 ) shareholder agreement signed between GEN, AIC (Azerbaijan Investment Company) and SIA Pharmaceutical LLC about the establishment of the Azerbaijan's first drug production facility on 31 July 2023. According to the this shareholder agreement, a company named as Gen Pharma Caucaus Manufacturing Operations Ltd. will be founded. This company will build 52.000 m2 production facility in Pirallahi Industrial Zone which allocated by Azerbaijan State and this facility will owned and managed by this company. GEN will have 66%, AIC (Azerbaijan Investment Company) will have 29% and SIA Pharmaceutical LLC will have 5% shares on Gen Pharma Caucaus Manufacturing Operations Ltd. It is aimed that this production facility will operate as first local drug producer in Azerbaijan drug which is 900 million USD market size and totally based on import and export from this production facility to the neighbor countries. The facility will be implemented with an investment of approximately 36 million USD in the first phase and will primarily focus on the production of drugs needed by the Azerbaijani people and health system. The employment expected to be created by the completion of the project is over 200 people. Financing of the project will made with internal resources created by our company and external resources with favorable terms and conditions. Planned covered area for the first phase is planned as 14.000 m2 and 550 million tablet, film tablet, hard gelatin capsule, soft gelation capsule, powder suspension, sachet and liquid type and annual 50 million boxes production is targeted in single shift. It is forecasted that production facility will operate with full capacity on 2026. The production facility which will be established with this agreement will be the first drug production facility of Azerbaijan and second drug production facility of GEN and first abroad. With the activation of the production facility, our effectiveness in the CIS (Commonwealth of Independent States) region, especially in Azerbaijan, where we have been operating for many years, will increase. As a result of this our company's profitability will be affected positively. New developments regarding the project and the process will be shared with the public in accordance with the regulations the CMB of Türkiye II-15.1 Material Events Disclosure Comminuque.
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