More emerging markets excitement: Sources tell Reuters that Pfizer is kicking tires at Turkey's largest drug company, Abdi Ibrahim. That fits with an executive pledge last month to line up acquisitions in the developing world; Pfizer's emerging markets president, Jean-Michel Halfon, told the news service that the company saw "opportunities coming from the financial crisis" to "build partnerships" in up-and-coming countries. And Pfizer has said that it wants to boost emerging markets revenue by $3 billion by 2012.
Turkey fits the bill as a growing drugs market. And Reuters notes that it's a prime candidate for consolidation; even as the country's No. 1 pharma, Abdi Ibrahim only accounts for 7 percent of the $11 billion market. Abdi Ibrahim is family-owned now, and it brings in about $850 million in sales annually. Pfizer wouldn't comment.
As you know, drugmakers are salivating over emerging markets, gobbling up smaller companies everywhere from Egypt and Pakistan to Brazil and Mexico. GlaxoSmithKline and Sanofi-Aventis have been among the most active; perhaps now that Pfizer is close to wrapping up its deal for Wyeth, it's intent on taking the lead.
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