Amgen and Mustafa Nevzat Pharmaceuticals (MN) announced an agreement under which Amgen will acquire 95.6 percent of shares in MN, a privately held Turkish pharmaceutical company, for an amount that values MN at US $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.
"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."
With a heritage of nearly 90 years, MN is the leading supplier of pharmaceuticals to the hospital sector and a major supplier of injectable medicines in Turkey. It also has a successful and fast growing export business. MN had revenues of approximately US $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.
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, with plans to develop its robust pipeline of clinical candidates for the benefit of patients in Turkey, as well as other markets around the world.