26.03.2026 10:30
The majority shares of Sanovel, a well-established pharmaceutical company in Turkey for 43 years, were sold to London-based Afendis Capital Management. After the sale, former partner Zafer Toksöz stated, "Unfortunately, we lost it cheaply to foreigners. The mistakes made by family members, driven by greed and the dream of obtaining more than their rightful share, have shown today that the problem lies not in institutionalization but in inheritance law."
Sanovel, which has a portfolio of commonly used drugs such as Majezik, Lansor, Selectra, Ator, Neruda, and Cempes, has changed hands in majority shares. The company's shares, which have an annual production capacity of approximately 300 million boxes, were sold to the UK-based investment fund Afendis Capital Management. No official statement was made regarding the sale price.
A MINORITY SHARE HAD BEEN TRANSFERRED BEFORE A share sale had previously occurred at Sanovel. In 2020, 30% of the company's shares were transferred to a consortium of international investors for 200 million dollars. With the latest sale, control of the company has passed into the hands of foreign investors.
INHERITANCE DISPUTE OPENED THE WAY FOR THE SALE After the death of the company's founder Erol Toksöz in 2012 and his wife Sebahat Toksöz in 2021, an inheritance dispute arose within the family. A consensus could not be reached between siblings Zafer Toksöz and Ahmet Toksöz regarding the distribution of companies and real estate. The process being taken to court and the issues in management accelerated the sale process.
Ahmet-Zafer Toksöz ZAFER TOKSÖZ REACTED TO THE SALE Former partner Zafer Toksöz reacted harshly to the sale decision via social media. Announcing the end of his board membership, Toksöz claimed that the company's value was transferred to foreign investors "for a pittance." Toksöz stated that the ongoing process was not due to a lack of institutionalization but rather disagreements over inheritance distribution.
"WE LOST IT FOR A PITTANCE TO FOREIGNERS" Toksöz criticized the sale in his announcement regarding the end of his board membership, saying:
"Today, we have unfortunately lost a perfect value that has been formed over nearly half a century into the hands of foreigners for a pittance. Experts always talk about why such companies do not remain in the hands of the third generation in Turkey due to a lack of institutionalization. However, how did a firm that has not been able to institutionalize in the last five years manage to maintain its value in the hands of professionals? This should be noted in history as an example. The mistakes made by family members, driven by greed and the dream of obtaining more than their rights, have shown today that the problem lies not in institutionalization but in inheritance law. While the values created by a generation that turned sand into gold are squandered, it unfortunately leads to the bones of the founders aching in their graves, and this continues on."
THE DIMENSION OF THE INHERITANCE HAD DRAWN ATTENTION In the family dispute, an inheritance of approximately 250 million dollars belonging to Sebahat Toksöz had come to the fore. It was stated that the inheritance included cash assets in Swiss banks, high-value real estate in Istanbul, and significant properties such as the historic Saffet Pasha Mansion. The tension between the parties turned into a process that directly affected the future of the company.