US drug company to buy out Turkish company for $700 million

U.S. drugs giant Amgen has declared it has reached an agreement to buy out Turkish drug firm Mustafa Nevzat for $700 million.

Istanbul / NationalTurk – Amgen intends to grow both in Turkey and its region following the buyout, which will be conducted in cash, the US company announced with a statement, adding that the acquisition had been approved by the boards of both firms.

‘ Together with Mustafa Nevzat’s staff and management team, we plan to grow our business with high-quality and innovative medicines in Turkey and the surrounding region, ‘ stated Robert A. Bradway, chairman and chief operating officer at Amgen.

A separate statement by Mustafa Nevzat said the buyout deal was for a 95.6 % stake in the Turkish company.

‘ This operation offers Mustafa Nevzat employees and customers a very attractive opportunity,’ stated Levent Selamoğlu, general manager of the Turkish party.

Amgen aims to expand in Turkey and Middle East via buyout of Turkish drug firm

Amgen, which started up its Turkey office in 2010, operates in the local market with two products.

The leading U.S. biotechnology company was competing with a number of global firms for the Mustafa Nevzat buyout.

Bank of America Merrill Lynch was consulting for Mustafa Nevzat during the acquisition process.

Mustafa Nevzat, founded in 1912, is the market leader in Turkey’s injectable medicines market, according to surveys and anlayses. The drug firm’s 2011 revenues exceeded $200 million and the company posted double-digit growth figures for the last five years, an company executive stated.

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