Health firms' deal set to bring $89.5M to Turkey

French pharmaceutical company Sanofi Turkey and Turkish health firm Birgi Mefar's partnership will bring 500 million Turkish liras ($89.5 million) added value to the country, according to a top official of the French firm.

In Istanbul on Tuesday, the firms signed an agreement for a new technology transfer and local production project.

Cem Ozturk, Sanofi's head in Turkey, stated that under the deal, an antibiotic product which reached a turnover of 22 million Turkish liras (nearly $4 million) in the Turkish market will be produced locally.

Under the cooperation, Sanofi's production will carry to Turkey from Rome an investment of €3 million ($3.34 million).

He said that this technology will be transferred to another country for the first time, and the transfer period is expected to be completed by 2021.

Ozturk stated Sanofi helps reduce Turkey's foreign trade deficit by cutting imports over 100 million Turkish liras ($17.98 million) and supporting the country's international trade with 300 million Turkish liras ($53.9 million) in pharmaceutical exports.

Faik Somer, the CEO of Birgi Mefar, said: "We fully believe that this technology transfer investment will serve our country in many fields from research and development to employment, from production to exports."

Sanofi, founded in 2004, operates in more than 100 countries in the world.