Firm anticipates that deal will boost its presence in this region.
Amgen is acquiring 95.6% of Mustafa Nevzat Pharmaceuticals’ shares in a deal valued at $700 million. Mustafa Nevzat (MN) is privately held Turkish generic drug maker. The transaction is expected to expand Amgen’s presence in that country and the surrounding region.
“Amgen is dedicated to making our innovative medicines available to patients in major markets around the world,” says Robert A. Bradway, president and COO at 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.”
For nearly 90 years MN has supplied pharmaceuticals to the hospital sector as well as injectable medicines. It also has a successful and fast growing export business, according to Amgen. 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, Amgen adds.
Amgen’s focus on Turkey and the surrounding region is part of a broad international expansion strategy for the company. Amgen established an affiliate in Turkey in 2010 and currently markets two products.