logo
Plus   Neg
Share
Email

Amgen Agrees To Buy 95.6% Of Shares In Turkey's Mustafa Nevzat - Quick Facts

Amgen (AMGN) 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 RTTNews Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
In a move likely to further inflame global trade tensions, President Donald Trump has threatened to impose a 20 percent tariff on all cars imported to the U.S. from the European Union. Trump claimed he would impose the new tariffs unless the EU removes tariffs and trade barriers placed on the U.S. The Federal Reserve has determined that the largest U.S. banks are strongly capitalized and would be able to lend to banks as well as households during a severe global economic recession. This is the fourth straight year that all banks have met the Federal Reserve's standards. The first round of results of the supervisory stress tests were released by the central bank on Thursday. The "safety" driver behind the wheel of a self-driving Uber was streaming a television show on her smartphone up until about the time of a fatal crash in March, according to a report from the Tempe Police Department. Uber's self-driving Volvo SUV, which was traveling at under 44 miles per hour, had struck and killed a pedestrian in Arizona on March 18.
Follow RTT