Amgen has entered into an agreement with Turkish pharmaceutical company Mustafa Nevzat Pharmaceuticals (MN) to acquire 95% of its shares for $700 million.
The cash deal will expand Amgen’s presence in Turkey and the surrounding regions, which the company has targeted as large, fast-growing, priority markets.
Levent Selamoglu, General Manager and CEO of MN, says the “combination of MN and Amgen creates an innovation leader in Turkey with unique capabilities”.
Established in the early 20th Century, MN is the leading supplier of pharmaceuticals to the hospital sector and a major supplier of injectable medicines in Turkey. It also boasts a successful export business.
The company had revenues of around $200m last year and has grown on average at double-digit rates in local currency since 2007.
Robert Bradway, President and Chief Operating Officer at Amgen, says the deal continues the company’s global expansion strategy. He commented: “Amgen is dedicated to making our innovative medicines available to patients in major markets around the world.
“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.”
The deal has been approved by both sets of board of directors and is awaiting customary closing conditions, including regulatory approvals, before being completed.
Amgen, the world’s largest biotechnology company, already has a presence in Turkey after opening an affiliate in 2010 and currently markets two products there. It plans to develop its robust pipeline of clinical candidates for the benefit of patients in the country, as well as other markets around the world.