Biotechnology firm Amgen (AMGN) will buy a 95.6% stake in Mustafa Nevzat Pharmaceuticals for $700 million, in a move to expand its presence in Turkey and the surrounding region.
The all-cash transaction has been approved by both the boards, the two companies said in a joint statement Wednesday.
MN, which supplies pharmaceuticals to the hospital sector and is a major supplier of injectable medicines in Turkey, had revenue of approximately $200 million in 2011, the statement said.
Amgen's focus on Turkey and the surrounding region, which are large, fast-growing, priority markets for Amgen, is a part of its international expansion strategy. Amgen established an affiliate in Turkey in 2010 and currently markets two products, with plans to develop its pipeline of clinical candidates for Turkey and other markets around the world.
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