Amgen (AMGN: Quote) said it agreed to buy acquire 95.6 percent of shares in Mustafa Nevzat Pharmaceuticals, a privately held Turkish pharmaceutical company, for an an amount that values Mustafa Nevzat at $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.
Mustafa Nevzat, or 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 chief executive officer 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 the Board of Directors of each company. Completion of the transaction is subject to customary closing conditions, including regulatory approvals.
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org