Construction of new production campuses at Çerkezköy and Köseköy/İzmit gets underway.
EastPharma acquires Saba Pharmaceuticals
EastPharma conducts an IPO on the London Stock Exchange (GDRs).
EastPharma’s head office relocates to new Premises.
DEVA Holding’s 50 years of success were celebrated throughout Turkey with physicians and pharmacists.
The new Çerkezköy Penicilin unit started production. The new injectables production unit in Köseköy was approved by the Ministry of Health.
Incorporation date of DEVA has been celebrated together with the opening ceremony of the Çerkezköy Penicillin unit. The cephalosporin unit was successfully validated during the mid-September to mid-October period. The new, centralized warehouse in Çerkezköy was approved by the Turkish Ministry of Health.
The test batch production and GMP inspection in the cephalosporin unit were performed. Registration of batch production for the new injectables production unit in Köseköy started. New management appointments.
Construction of the new main production unit in Çerkezköy is almost completed and waiting to receive its GMP inspection. Restructuring of sales team was completed.
EastPharma S.a.r.l. participated in the capital increase in DEVA Holding by making a further advance payment of TRY 36.45mn to DEVA Holding regarding the capital increase of DEVA Holding to TRY 144mn.
DEVA Holding, the leading drug manufacturer in Turkey, delivers its aid package consisting of 1.581 parcels of medicine worth a total of 2.4 million Turkish Liras to the Turkish Red Crescent Society.
DEVA acquired from Bristol-Myers Squibb Company the pharmaceutical products on the exclusive basis in Turkey.
DEVA has completed the acquisition of a manufacturing and research facility from Zentiva. The facility is located adjacent to DEVA’s new factory at Cerkezkoy, and is dedicated to the manufacture of active pharmaceutical ingredients (API) and to research. The facility is 18.742 sq meters built on a site totalling 67.551 sq meters. The acquisition includes all machinery and equipment in the facility. DEVA has also been granted license rights over certain APIs for production, sale and export. In 2010, DEVA Holding joins with DEVA İlaç Sanayi ve Ticaret A.Ş.
In 2010, DEVA Holding joins with DEVA İlaç Sanayi ve Ticaret A.Ş.
DEVA Ilac Sanayi ve Ticaret A.S. (’DEVA Ilac’) is now under the consolidated roof of DEVA Holding A.S. The merger will serve as a strong platform to decrease operational costs and increase the efficiency and effectiveness of overall management and audit coordination.
DEVA’s issued capital will increase from 180,070,656 Turkish Liras to 200,000,000 Turkish Liras. Following the issue DEVA will still remain below it’s registered capital ceiling of 500,000,000 Turkish Liras. EastPharma S.a.r.l. will take up its full entitlement in DEVA shares at a total cost of 16,384,368.68 Turkish Liras, so that percentage of DEVA shares held by EastPharma S.a.r.l will remain unchanged at 82.21%. DEVA's capital increased to 200.000.000 TRY At the end of 2011, 42 new product development projects have been completed.
DEVA's capital increased to 200.000.000 TRY
At the end of 2011, 42 new product development projects have been completed.
In 2012, production facilities of DEVA Holding audited by German Ministry of Health last month received approval of compliance with European GMP (Good Manufacturing Practice)
In 2012, first registration application to FDA has been realized.
2013 Registered supplier of UN. DEVA was deemed worthy of the first prize in the “R&D Study of the Year” branch of the Golden Mortar competition.
Inhaler manufacturing site opened. FDA ANDA submission 107 approval in 19 countries inc. Germany, Switzerland, Holland, Australia, New Zeland
DEVA was selected as the Best R&D Company by the Turkish Ministry of Science, Technology and Industry.
DEVA, was selected as the Best R&D Company by Eczacı Magazine.

EastPharma was established in 2006 with the aim of becoming a major player in the fast growing emerging markets pharmaceutical sector by means of organic growth, acquisitions and consolidation in fragmented markets.

Since EastPharma acquired control of the Turkish generic pharmaceutical company DEVA in 2006, and Saba in 2007, it has applied experienced management expertise to ensure these subsidiaries are in a strong position to increase their market share and profitability.

The first major undertaking of EastPharma was to facilitate the implementation of DEVA’s new growth strategy, a leading Turkish generic pharmaceuticals company. In 2006, EastPharma became DEVA’s majority shareholder and installed a new management team.

EastPharma conducted a tender offer for the outstanding shares of DEVA in early 2007 and, as a result, EastPharma currently holds 93.54% of DEVA shares. DEVA is the first institutionally controlled company in Turkey.

DEVA was established in 1958 by 27 doctors with the aim of collecting individuals’ savings and directing these savings towards Turkey’s industrialisation via a pharmaceutical company. Founded on this main principle, DEVA initially invested in the pharmaceutical industry with subsequent investments in other related fields, including API and empty pharmaceutical ampoule production. As a result of this diversification, the status of DEVA was changed to that of a holding company in 1970. Following the subsequent growth in its operations, DEVA was listed on the Turkish Registered Stock System in 1983. In 1985, DEVA’s paid-in capital was increased to YTL 1 billion with the participation of 6,000 shareholders, and in 1986, DEVA undertook an initial public offering and listing of its shares on the Istanbul Stock Exchange.

Over its 49 years of operating history, DEVA has registered a total of 368 products in terms of pharmaceutical forms ranging from antimicrobial agents to antineoplastics and antihypertensives. Of these registered products, a total of 199 are currently available in the Turkish pharmaceutical market. Gentamisin, which was one of our top selling antibiotics, was introduced in 1981 followed by the launch of Licomysin in 1988. In 1994, DEVA introduced potassium clavulanate, the API used for our top selling drug Amoklavin that was ranked as the best selling pharmaceutical product in Turkey in 2004, 2005 and 2006.


EastPharma Ltd was established in 2006 with the aim of becoming a major player in the fast growing emerging markets pharmaceutical industry by means of organic growth, acquisitions and consolidation in fragmented markets.

Since EastPharma Ltd through EastPharma Sarl indirectly acquired control of the Turkish generic pharmaceutical company DEVA in 2006, and Saba in 2007. it has applied experienced management expertise to ensure these subsidiaries are in a strong position to increase their market share and profitability.

EastPharma Ltd conducted an IPO and became a  London Stock Exchange (LSE) listed company in 2008

The first major undertaking of EastPharma Ltd was to facilitate the implementation of DEVA’s new growth strategy, a leading Turkish generic pharmaceuticals company. In 2006, EastPharma indirectly became DEVA’s majority shareholder and installed a new management team. The company is headquartered in Istanbul, Turkey, manufactures and sells pharmaceutical generics, formulations and active pharmaceutical ingredients (APIs), and it is one of the leading pharmaceutical companies in Turkey.

EastPharma currently indirectly holds 82,21% of DEVA shares.



EastPharma’s mission is to be a leading branded generic pharmaceutical company in Turkey and the region.

EastPharma’s vision is to become a consolidation platform for pharma companies in Turkey and other selected emerging markets.


• Resilience

• Ownership 

• Innovation and development

• Trustworthiness

• Human focus

• Teamwork


Dear stakeholders,

In a period of growing fluctuations in the global economy, adapting to new developments in the world and shaping our business strategies accordingly has become all the more important. In 2015, we felt the adverse effects of devaluation of the Turkish currency, and this was a key determinant of our business strategy. But despite the formidable challenges of the pharmaceutical landscape, we have managed to successfully close the year in second place with 6% market share in volume, according to IMS Health data.

At DEVA, it is our main priority to manufacture every product locally in Turkey, whenever we can, and make those products available to patients. In 2015, we consolidated our product portfolio even further with innovative equivalent products in the oncology, cardiology and respiratory therapy areas. In ophthalmology, which we stepped into for the first time in 2013, we have grown rapidly, introducing a number of new products for use by the medical community.

Thanks to our vertical integration strategy, we are now the owner of one of the most comprehensive manufacturing facilities in Turkey, covering processing steps from the raw material to the finished product. The output growth we registered last year has been most welcome. We have begun manufacturing several new types of products, like solutions, on our lyophilized products and BFS manufacturing lines. Our facilities underwent inspections by various national and international health authorities; in particular, Çerkezköy II and Kartepe sites were inspected by the U.S. Food and Drug Administration, perhaps the most important official authority setting the standards for pharmaceutical manufacturing, which made this particular inspection crucially important to us. We are currently waiting for the final outcome of this inspection, which we believe will bring us one step closer to our goals.

The pharmaceutical sector is currently viewed as a driver of trade deficit due to imports far exceeding exports, but still, we believe it is possible to transform pharmaceuticals to an industry that contributes positively to the balance of trade with growing R&D investments, the use of advanced technology, and ability to drive exports. At DEVA, we are making an important contribution toward that end with our expertise in local manufacturing and export operations. Recognizing that access to health is a fundamental right, we are collaborating with business partners around the world to bring DEVA products to patients. Accordingly, we have implemented a two-pronged global growth strategy based on entering new markets and consolidating our position in current markets with new approvals. Throughout 2015, we had 216 filings in 33 countries, and gained a total of 82 approvals in 18 of them. Also, in Germany, we have established a new subsidiary, Devatis GmbH, after receiving certification of GMP compliance and manufacturing authorization, and  we are getting ready to bid in public tenders. We will be reaping the rewards of these efforts in the years ahead.

We recognize the strategic value of R&D for the pharmaceutical industry, and we continue to invest in this area at a growing rate. While the annual R&D investments by the Turkish pharmaceutical industry is negligible compared to global benchmarks, in 2015 we allocated 7 percent of our sales to R&D. We believe that our investments in this area create value for DEVA, and we are exploring opportunities for joint projects with TÜBİTAK in biotechnology and other areas. Our achievements in R&D brought us two important recognitions in 2015: the Ministry of Science, Industry and Technology named DEVA as having the best R&D center in the pharmaceutical industry during the 4th Private Sector R&D Centers Summit, and Eczacı Magazine recognized DEVA as the best R&D company for “manufacturing active substances for the treatment of high blood pressure,” during the 6th Golden Mortar Awards, which recognizes outstanding individuals and organizations in pharmaceuticals and pharmacy. It makes us very proud that our accomplishments in R&D are enriched by these important awards, and they support our ambitions. We are excited to do even better in this area.

We recognize that a healthy society is key to having a healthy future, and this motivates us to conduct awareness campaigns of certain diseases. We continue supporting our national diver Şahika Ercümen who makes us all proud as the holder of the world record in free diving, despite her living with allergic asthma since early childhood. We also continue offering scholarships to outstanding medical students, and work with non-governmental organizations like Çocukları Kurtaralım (Save the Children) and the Turkish Red Crescent Organization on projects serving the public interest.

We are aware that all of our achievements ultimately rest on the dedication of our associates, whom we appreciate and develop in the understanding that they will propel our company higher still.

At DEVA, we are creating value for our country and  for a healthier future since 1958, and we will continue doing our part with passion and dedication in recognition of our responsibilities as a pharmaceutical company.

Very truly and respectfully yours,

Philipp Haas

Chairman & CEO



Philipp Haas

Chairman of BOD and CEO

Chairman of the Board of Directors and CEO of DEVA Holding, Philipp Haas took MBA degree in the specialty of banking at St. Gallen Economy, Law and Business Administration University.

He speaks German, English, French, Spanish, Portuguese, Italian and Turkish fluently. Having served as investment consultant and director since 1992, Philipp Haas has a broad experience in markets of Eastern European Countries and particularly Turkish market. Having taken part in many restructuring projects in Ukraine and Turkey, Philipp Haas performed membership of many boards of directors on behalf of foreign corporate investors in 90s, among which are Rogan Brewery in Ukraine and Net Holding in Turkey. Having a broad experience in pharmaceutical industry, Philipp Haas served as consultant to funds in pharmaceutical industry in developing markets and oriented their investments to Eastern Europe. Among such firms is Slovakopharma named afterwards as Zentiva. Being the Chairman of the Board of Directors of EastPharma Ltd and DEVA Holding, Haas also serves as the Chairman of BOD in, Saba İlaç Sanayi ve Ticaret A.Ş, New Life Yaşam Sigorta A.Ş., EastPharma İlaç Üretim Pazarlama San. ve Tic. A.Ş., and member of BOD in EastPharma S.a.r.l. He also serves as a director in, Devatis Limited, Devatis Gmbh, Devatis A.G and Devatis Inc. Philipp Haas is the vice-president of the Pharmaceutical Industry Association of Turkey.

Mesut Çetin

Board Member (CFO)

The Board Member and CFO of EastPharma Ltd., Mesut Çetin worked as director responsible for operations within GEM Global Equities Management S.A. 2005 and 2007 and has served in various positions within the same group as analyst, trader and project manager since 1999. Mesut Çetin is the Vice Chairman of the BOD  and CFO in DEVA Holding A.Ş. and Saba İlaç Sanayi ve Ticaret A.Ş. and the board member of, he also performs the duty of CFO in various companies within the group. Mesut Çetin is the graduate of Mathematics in Boğaziçi University and  the EMBA program in Koç University.

John Coombe-Tennant

Independent Board Member

Mr. Coombe-Tennant is the managing director of Port Tennant Co Ltd. and responsible for the company’s equity and real estate investment operations. He is a director of Trophy Asset Management Ltd, which is the investment manager to two Asian equity funds and 100% owner of Trophy Property GP Ltd., Between 1997 and 2001 Mr. Coombe-Tennant worked for the Hong Kong and London offices of Societe Generale where he specialized in global emerging markets and UK financial institutions. Prior to that he worked in Hong Kong for Jardine Fleming Securities in equity and sales research for five years. He worked at the Economist Intelligence Unit as a banking and European markets consultant and at Euromoney Publications between 1988 and 1991. He worked at Cazenove & Co in the equity fund management division between 1980 and 1987.

Christoph Sven Hoffmann

Independent Board Member

Mr. Hoffmann is an attorney and consultant specialized in commercial law and in the establishment of international distribution networks for consumer goods. Mr. Hoffmann worked for Roche in Switzerland, Argentina, Peru and as a Regional Manager of the Pharmaceutical Division in Hong Kong between 1983 and 1991. Mr. Hoffmann holds a Licentiate of Law degree from the University of Basel in Switzerland.



According to free market and tender data of IMS Health, 2,211 million boxes worth TL 19 Billion (*) were sold in Turkish Pharmaceutical Market in 2015. The market achieved growth at a rate of 7.42% in number of boxes and at a rate of 16.78% in TL compared with the previous year.

Rate of prescription drugs to total pharmaceutical market in Turkish market is 92% both in number of boxes and TL.

Although drugs from many treatment groups are imported in our country, preparations requiring new and advanced technology, some vaccines, blood factors, some controlled-release drugs, respiratory, insulin, and anti-cancer drugs are predominantly imported.

According to IMS Health data, the sector’s import increased by 7.1% on a box basis; however, it decreased by 5.5%, remaining at USD 4.1 billion on USD basis. The domestic pharmaceutical market grew by 7.5 on a box basis; however, it shrank by 6.5%, remaining at USD 2.8 billion on USD basis. The rate of import to the total pharmaceutical market is 25% on a box basis and 60% on USD basis.

According to IMS Health data, the sector grew by 7.4 on a box basis; however it shrank by 5.9 on USD basis, remaining at USD6.9 billion. The total pharmaceutical market reached TL 19 billion, with a growth of 16.8.

Market distribution according to drug segments in our country in 2015 took place on box and TL/USD basis as follows. On both box and TL/USD basis, Nutrition & Metabolism segment has the biggest share

(*) “Surplus Goods” are included in the value in boxes but not included in the value in TL depending on the change in the calculation method of the IMS.