Amgen, a global biotech based in Thousand Oaks, Calif., will acquire 95.6% of shares in Mustafa Nevzat Pharmaceuticals (MN), a privately held Turkish pharmaceutical company, for approximately $700 million. The all-cash transaction will significantly expand Amgen's presence in Turkey and the surrounding region, which are large, fast-growing, priority markets for Amgen.
"Amgen is dedicated to making our innovative medicines available to patients in major markets around the world," said Robert A. Bradway, president and COO of Amgen. "Together with MN's staff and management team, we plan to grow our business with high quality and innovative medicines in Turkey and the surrounding region."
MN is a supplier of pharmaceuticals to the hospital sector and a major supplier of injectable medicines in Turkey. It also has a successful and fast growing export business. MN had revenues of approximately $200 million in 2011 and has grown on average at double-digit rates in local currency over the past five years.
"This transaction represents an attractive opportunity for MN, its employees and customers," said Levent Selamoglu, general manager and CEO of MN. "The combination of MN and Amgen creates an innovation leader in Turkey with unique capabilities and scope to expand regionally and in other attractive high-growth markets. Amgen's focus and resources will also ensure continued investment in Turkey."
The transaction has been approved by both companies’ the board of directors. Completion of the transaction is subject to customary closing conditions, including regulatory approvals.