Zentiva announced its shareholders have approved the acquisition of Turkish drugmaker Eczacibasi Generics on an EGM held yesterday.
Zentiva announced last month it would buy 75% stake in Eczacibasi's generic-drug operations for EUR 460m, with an option to buy the remaining 25% package. The company hired last week EUR 550m loans to finance the acquisition. The deal requires regulatory approval, which could come by June 2007according to
Zentiva.
Our view:
We see the news as neutral, as we see it was likely that shareholders will nod on the acquisition given its good strategic fit and EPS accretiveness especially from 2008.