Amgen Acquires Turkish Pharma

Amgen has entered an agreement to acquire 95.6% Mustafa Nevzat Pharmaceuticals (MN), a privately held Turkish pharmaceutical company, for $700 million in cash. MN is a leading supplier of pharmaceuticals to hospitals and a major supplier of injectable medicines in Turkey, and has a successful and growing export business. MN had revenues of approximately $200 million in 2011.

“Amgen is dedicated to making our innovative medicines available to patients in major markets around the world,” said Robert A. Bradway, president and chief operating officer 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.”

“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.